To help plan sponsors address the challenges of missing participants, Keane Retirement Services has entered into a strategic partnership with automatic rollover provider Millennium Trust Company.
According to an announcement, the partnership “leverages the strengths of each company to provide customers with an automated, one-stop solution for plan terminations and missing participant resolution.”
Millennium provides a rollover vehicle for missing participants that will be run through Keane’s location services. The firm notes that Millennium’s technology and customized operational support “helps make it seamless for plan sponsors to protect former employees’ retirement savings, and at the same time, minimize administrative costs and eliminate fiduciary responsibilities for the plan sponsor.”
“Combining our unique capabilities, the new program with Millennium streamlines the process by which plan sponsors can terminate retirement plans, make contact with as many participants as possible, and then rollover participant accounts into IRAs for missing participants,” says Mary Steigerwalt, President of Keane Retirement Services. “Our new partnership with Millennium will enhance the service offerings of our firms, empowering us with the capability to address all levels of the plan termination and missing participant rollover process.”
“The agreement between Millennium and Keane is an important step forward in providing a comprehensive plan termination process for plan sponsors,” stated Terry Dunne, SVP, Automatic Rollovers, Millennium Trust Company, LLC. “Keane is an ideal partner for Millennium because they offer a full range of legal and compliance support and missing participant location services in a way that complements our automatic rollover services.”
More information about Keane Retirement Services is available at www.KeaneRetirement.com .