Millennium Trust Offers 403(b) Custody Solution

January 7, 2009 ( - Millennium Trust Company, LLC announced its appointment as successor custodian for Neuberger Berman 403(b) custodial accounts.

A Millennium press release says that in July of 2008, the firm introduced its 403(b) Custody Solution which utilizes proprietary technology to provide integration of custody services and 403(b) accounts. Millennium assumes responsibility for administrative, non-fiduciary compliance requirements under employer plan documents, while preserving existing mutual fund relationships with brokers, advisers, and fund companies, the press release said.

Millennium can serve as the custodian for the entire plan or for individual 403(b) accounts, while allowing employees to continue working with their financial advisers and brokers.

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