Add Millennium Trust Co. to the list of those increasing and enhancing the portability of their retirement offerings.
Millennium Trust said Wednesday it will soon add an optional auto-portability function to its automatic rollover IRA solution. The company expects this add-on feature to be ready for client testing later this quarter and available to go live in 2024 at no additional cost.
The auto-portability function is designed to connect to existing and new auto-portability networks to support the industry’s efforts to reduce retirement savings leakage. For example, TIAA announced last week it was joining Retirement Clearinghouse to participate in a consortium known as the Portability Services Network that’s designed to automatically move smaller amounts of retirement savings in 401(k), 401(a), 403(b) and 457 plans to workers' new employers’ plans as they change jobs.
While it's not mandatory, the SECURE 2.0 Act allows providers like Millennium Trust to offer auto-portability services to record keepers, third-party administrators and plan sponsors of all sizes.
“Our scale and existing technology integrations put us in the unique position to connect the industry, and we knew we could bring this functionality to market quickly,” Erik Beck, chief commercial officer of Millennium Trust, said in a statement.
“We’re offering this optional feature so any clients interested in connecting with our extensive network of retirement industry participants will be able to do so quickly and easily,” Beck added.
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