SOURCE: Millennium Trust Company
OAK BROOK, IL--(Marketwire - Jul 16, 2012) - Millennium Trust Company, a leading provider of custody and IRA services, announced that Mercer's Outsourcing business has selected the firm as the exclusive provider for its clients' automatic IRA distribution needs. Through this strategic relationship, Mercer and Millennium will present and execute a comprehensive, streamlined mandatory rollover solution enabling Mercer's clients to mitigate the administrative burden, cost and liability associated with terminated plan participants with small balances.
"This mandatory rollover program will be integral to our clients as they continue to look to Mercer to provide solutions that help manage the costs and risks associated with their retirement plans. Millennium's specific focus on the mandatory rollover business and proven track record enables us to bring a best-in-class complete and efficient solution to our clients," says Mercer's Defined Contribution Product Manager, Matt Benjamin.
In conjunction with Millennium Trust, Mercer will deliver a fully integrated solution by facilitating various administrative, regulatory and communication tasks required for the forced rollover of low balance accounts. Millennium will not only be assisting Mercer in streamlining the mandatory rollover process, but the solution will help Mercer's clients comply with tax rules and the Department of Labor's fiduciary safe harbor as well.
"With the troublesome task of locating missing plan participants and the management required to maintain them, these accounts tend to quietly drain company resources," says Terry Dunne, Millennium's SVP, and Managing Director of Automatic Rollovers. "Our solution integrates seamlessly with Mercer's servicing platform and we're proud to form a strategic relationship with a leading 401(k) administrator that allows their clients to save time and money while staying compliant with tax rules and the Department of Labor's fiduciary safe harbor."
About Millennium Trust Company
Millennium provides custody services for alternative and traditional assets in IRAs, Solo 401(k)s and taxable accounts, offers private fund custody services, creates customized Automatic Rollover programs, provides integrated Health Savings Account solutions and designs unique trading platforms for Investment Advisors. Additional information about Millennium Trust Company may be found at www.mtrustcompany.com.
Millennium Trust performs the duties of a custodian and, as such, does not provide investment advice or sell investments, nor offer any tax or legal advice.
Mercer is a global leader in human resource consulting and related services. The firm works with clients to solve their most complex human capital issues by designing and helping manage health, retirement and other benefits. Mercer's 20,000 employees are based in more than 40 countries. Mercer is a wholly-owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), a global team of professional services companies offering client's advice and solutions in the areas of risk, strategy and human capital. With 52,000 employees worldwide and annual revenue exceeding $10 billion, Marsh & McLennan Companies is also the parent company of Marsh, a global leader in insurance broking and risk management; Guy Carpenter, a global leader in providing risk and reinsurance intermediary services; and Oliver Wyman, a global leader in management consulting. For more information, visit www.mercer.com. Follow Mercer on Twitter @MercerInsights.