OAK BROOK, IL--(Marketwire - Aug 2, 2012) - Millennium Trust Company, a leading provider of custody and IRA services, announces it has been selected by MassMutual to help improve its current IRA solutions for retirement plan participants and existing IRA holders. "After over a year of proven success, this strategic relationship has and will continue to enable MassMutual to deliver an innovative direct rollover solution, namely the Millennium Trust Savings Plus IRA™, to both retirement plan participants and existing IRA holders seeking the safety and security of an FDIC insured, fixed income product," says Sean Jordan, AVP of Participant Experience for MassMutual's Retirement Services Division. MassMutual's Retirement Services Division was named "Retirement Leader of the Year" at the 19th Annual Mutual Fund Industry Awards sponsored by Fund Industry Intelligence, a premium publication of Euromoney Institutional Investor.
"We are pleased with how well the Savings Plus IRA™ has been received," said Millennium's Terry Dunne, SVP, Managing Director of Automatic Rollovers. "Through an unaffiliated bank, we are able to provide a unique offering that includes a fixed rate of return (adjusted only quarterly), FDIC insurance and daily liquidity*."
Designed to complement MassMutual's rollover offerings, the Savings Plus IRA™ provides access to a bank account with a fixed rate of return which may be adjusted quarterly, FDIC insurance and daily liquidity of the IRA for accountholders desiring a predictable level of investment access and security. This strategic relationship is structured so that MassMutual's team of Rollover Specialists provides offering plan participant's education regarding rollover options, and facilitates the establishment of the Savings Plus IRA™ for interested participants, while Millennium Trust provides ongoing accountholder servicing, including custodial and administrative services.
"Our strategic relationship with Millennium has enabled MassMutual to effectively serve the needs of a specific group of investors looking for the predictability of a fixed rate of return for retirement assets and protection afforded by FDIC insurance," said Jordan. "In addition, Millennium's technology platforms have empowered our Rollover Specialists to make the education and execution process simple and seamless for MassMutual's retirement plan participants."
*The rate of return is set by the offering bank and is subject to change each calendar quarter. Funds may be withdrawn daily without penalty.
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.
Founded in 1851, MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyholders. The company has a long history of financial strength and strong performance, and although dividends are not guaranteed, MassMutual has paid dividends to eligible participating policyholders every year since the 1860s. With whole life insurance as its foundation, MassMutual provides products to help meet the financial needs of clients, such as life insurance, disability income insurance, long term care insurance, retirement/401(k) plan services, and annuities. In addition, the company's strong and growing network of financial professionals helps clients make good financial decisions for the long-term.
MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. MassMutual is headquartered in Springfield, Massachusetts and its major affiliates include: Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company; MassMutual International LLC; MML Investors Services, LLC, Member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.
MassMutual's Retirement Services Division has been serving retirement plans for 65 years. It offers a full range of products and services for corporate, union, nonprofit and governmental employers' defined benefit, defined contribution and nonqualified deferred compensation plans. It serves approximately 1.6 million participants. Additional information about MassMutual can be found at www.massmutual.com.
For more information, visit www.massmutual.com or find MassMutual on Facebook, Twitter, LinkedIn, YouTube and Google+. For information regarding MassMutual's Retirement Services Division, you may also visit massmutual.com/retire or find us on Facebook.com/retiresmart and YouTube.com/retiresmart.