How does Millennium Trust gather information from plan sponsors?
Our Automatic Rollover services begin with providing an Automatic Rollover Services Agreement to the plan sponsor. We provide it electronically and/or in hard copy. We discuss with the plan sponsor and record keeper the best method of sending participation information. We have developed technology to accept a simple data export from the record keeper. We practice 128 bit encryption and the account creation process is automated with extensive logging to ensure each participant’s account is created. Participation information includes the participant’s name, address, social security number, birth date, amount and plan name. With this information, we automatically open IRA accounts and populate the Adoption Agreement which is sent to the participant immediately. We prefer to receive account balances via wire transfer but will accept check distributions also. We then provide the plan sponsor with confirmation that we opened the IRA accounts and received account balances.
