Oak Brook, IL (PressExposure) September 25, 2009 -- Millennium Trust Company, announced it is entering into a strategic relationship with search expert, The Keane Organization to address plan sponsor challenges. With revenues and profits tough to come by, retirement industry professionals face increased pressure to reduce costs including those associated with retirement plans. Dealing with missing plan participants in both active and terminating plans has become a costly challenge. Plan sponsors may fulfill their fiduciary obligation to participants by providing rollovers into IRAs, when facing the difficult task of locating missing participants, or beneficiary.
Millennium Trust and The Keane Organization will help plan sponsors address the challenges of locating missing participants. Together we leverage the strengths of both companies to provide customers with an automated, one-stop solution for plan terminations and missing participant resolution.
Focused on streamlining and simplifying the experience for both plan sponsors and participants, the solution automates the rollover process and ensures compliance with Department of Labor regulations and EGTRRA. Millennium provides a rollover vehicle for missing participants that will be run through Keane`s location services. Millennium`s leading edge technology and customized operational support helps make it seamless for plan sponsors to protect former employees' retirement savings, and at the same time, minimize administrative costs and address the fiduciary responsibilities for the plan sponsor.
"The agreement between Millennium and Keane is an important step forward in providing a comprehensive plan termination process for plan sponsors," stated Terry Dunne, SVP, Automatic Rollovers, Millennium Trust Company, LLC. "Keane is ideal for this because they offer a full range of legal and compliance support and missing participant location services in a way that complements our automatic rollover services."
"Combining our unique capabilities, the new program with Millennium streamlines the process by which plan sponsors can terminate retirement plans, make contact with as many participants as possible, and then rollover participant accounts into IRAs for missing participants," says Mary Steigerwalt, President of Keane Retirement Services. "Our new relationship with Millennium will enhance the service offerings of our firms, empowering us with the capability to address all levels of the plan termination and missing participant rollover process."