Millennium Unveils Automatic IRA Solution

February 14, 2005 ( - Millennium Trust Company has unveiled an automatic rollover solution for missing and non-responsive participants of employer-sponsored retirement plans.

The IRS and the Department of Labor recently published guidance regarding Section 657(c) of the Economic Growth and Tax Reconciliation Act of 2001 (EGTRRA),   providing plan sponsors a safe harbor for rolling over missing and non-responsive participant distributions into an IRA that can be established in the name of the participant (see  IRS, Treasury Issue Automatic Rollover Guidance ).   Come March 28, plans with mandatory distribution provisions will have to have something in place to deal with distributions of more than $1,000 for which distribution instructions aren’t provided.

“We offer a very efficient solution for transferring the participant information electronically from the recordkeepers’ systems to Millennium as the IRA custodian. We can interface with all retirement recordkeeping systems,” according to T. Scott McCartan, CEO of   Millennium Trust.

Oak Brook, Illinois-based Millennium has posted information regarding the safe harbor requirements for using automatic rollovers on its web site at

Established in December 2000, privately-owned independent trust company Millennium Trust offers enhanced plan sponsor support including:

  • dedicated client service representatives,
  • assistance with identifying targeted accounts,
  • model plan amendment language,
  • model summary plan language,
  • a plan sponsor/IRA custodian agreement.

Millennium offers self-directed investment capabilities and access to a wide variety of non-propriety products.   Millennium Trust Company custodies more than 8,500 accounts and is regulated by the State of Illinois, Department of Financial and Professional Regulation.

You can find out more at