The new website of Millennium Trust Co., at www.mtrustcompany.com, allows clients to remotely access agreements, tools and resources from the firm’s line of retirement account rollover solutions.
Through the enhanced website, clients can now “complete the automatic rollover process in three easy steps,” the company says. Clients can also download and read about current issues affecting the automatic rollover industry, while sharing important information with colleagues and business partners.
Speaking with PLANADVISER, Terry Dunne, Millennium Trust senior vice president and managing director of the rollover solutions group, said retirement plans today “are not created for the benefit of a former employee. They’re really designed for the benefit of a current employee, so they have the right incentives to join a company and stay.”
He suggested that employers are eager for more rollover support from companies such as Millennium Trust (see “Is Auto-Portability the Next Big Thing?”). The main reason is that, when employees leave a firm but stay in the plan, they continue to cost the company administrative fees. They also remain a fiduciary concern for the plan sponsor.
“If you have 100 participants, and 20% to 25% of your employees are leaving in a given year, within four or five years, you’ve turned over the whole population and might well end up with more and more participants that are incurring costs,” Dunne observed.
He noted that Millennium provides bilingual, direct phone support. The phone support is critical, he feels, since most people do not like to use automated phone menus when making tough decisions about executing a rollover.