Millennium Trust introduces retirement savings suite for small businesses

Employers can choose from a variety of types of individual retirement accounts.
OCT 11, 2019
Millennium Trust Co. has a new suite of affordable benefits and retirement tools that small business owners can offer in lieu of a traditional 401(k). Employers can use Workplace Savings Solutions to choose from a variety of types of individual retirement accounts that can be opened with a one-time start-up fee of $250 and that entail no ongoing costs to the business. An interactive Retirement Savings Selector tool helps small businesses determine what type of plan is best for their company, including SEP IRAs, SIMPLE IRAs, Payroll Deducted IRAs and 401(k)s. [More: Adviser opportunities in the gig economy] Savings go into professionally managed investment options that employees can view through a digital portal. The goal is to fill what Kevin Boyles, Millennium Trust vice president of workplace savings solutions, describes as a void for businesses that aren't a fit for 401(k)s and aren't interested in a government-run option. "We applaud everything that the states' plans and federal [multiple employer plan] legislation are trying to accomplish," Mr. Boyles said in a statement. "But even if those initiatives are extremely successful and double the number of employers with a 401(k) plan, that still leaves a significant number of businesses without retirement benefits. We're hoping to change that." [More: The conundrum of state-run retirement plans] Workplace Savings Solutions could also help the growing number of gig economy workers and independent contractors who don't have any access to a 401(k) and often need help selecting the right retirement vehicle. "We saw that years ago as 401(k)s gained prominence alongside defined-benefit plans, and I think we're at the forefront of the next evolution of retirement plans with our Workplace Savings Solutions," Millennium Trust CEO Gary Anetsberger said in a statement.

Latest News

Fintech bytes: Envestnet reaffirms $1B RIA commitment with Tamarac tech investment
Fintech bytes: Envestnet reaffirms $1B RIA commitment with Tamarac tech investment

Also, Orion has added BlackRock, Fidelity, and Vanguard to its custom portfolios suite, and RedBlack has set up a new headquarters after crossing a trillion-dollar milestone.

RIA moves: Maridea acquires multigenerational practice in Pennsylvania debut
RIA moves: Maridea acquires multigenerational practice in Pennsylvania debut

Also, New York-based Legacy Edge Advisors names its first-ever CEO, while Novare Capital Management hires a Vanguard veteran with a multigenerational planning focus.

Private equity eyes 401(k) plans, but fees remain a hurdle
Private equity eyes 401(k) plans, but fees remain a hurdle

Asset managers are racing to bring private market products to retirement plans, but cost and liquidity concerns linger.

IRS floats proposal ending tax breaks for schools that weigh race
IRS floats proposal ending tax breaks for schools that weigh race

Treasury's latest tax-exemption crackdown on private schools lands in the wake of a separate push to restrict refundable credits for some immigrant filers.

Trust over tech:  The hidden signal of stock success in the AI era
Trust over tech: The hidden signal of stock success in the AI era

Workforce trust measures predicted which companies came out ahead during COVID-19. The same dynamic may now be playing out across the AI transition — and the data suggests the spread could be just as wide.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income