Automatic retirement account rollover solutions provider Millennium Trust Co. launched a free search tool to help individuals find unclaimed retirement funds that may have been rolled over to a Millennium Trust individual retirement account (IRA) from a previous employer.
Terry Dunne, managing director of the Rollover Solutions Group at Millennium Trust, points to Department of Labor (DOL) statistics showing that at the end of 2013, about 16 million people still had retirement assets in a former employer’s retirement plan.
“A significant percentage of these assets may represent missing, non-responsive participant assets,” Dunne says. “We have a comprehensive set of procedures in place to search for missing account holders. And we’re fairly successful. We find the correct address for roughly 90% of the individuals who are missing or non-responsive at the time their account is rolled over to us.”
The firm’s newest online search tool “will help us to connect with more of them,” the firm says. “It is a simple and free method for individuals to determine if they have an IRA account at Millennium Trust and reclaim their retirement funds.”
More information about using the free online tool is here. The tool requires users to enter their Social Security number, but “complete privacy is assured,” the firm says, “and the system returns immediate results. If individuals have any unclaimed retirement funds, they can choose to complete online forms to either keep their account with Millennium Trust or take a distribution.”
“It’s in everyone’s best interest—both plan sponsors and employees—to ensure that no retirement funds go unclaimed,” Dunne concludes. “We are pleased to provide this resource and encourage anyone who has lost track of a retirement account at a former employer to come to our site and search for unclaimed funds.”