Oak Brook, IL (PressExposure) January 12, 2009 -- Millennium Trust Company, a leading provider of IRA administrative and custody services, announced today that it has joined Wealth Management's (WMSI) Rollover Network. Through WMSI's Rollover Solution Network, Third Party Administrators and plan sponsors will be able to select Millennium's Automatic Rollover IRA solution and systematically rollover plan assets for missing and nonresponsive participants of active and terminating plans.
According to Scott McCartan, CEO of Millennium Trust, "We are always looking for ways to expand the distribution of our Automatic Rollover IRA solution so we are quite pleased to partner with Wealth Management, a clear leader in the TPA rollover space. With their advanced technology and deep penetration with retirement plan providers and our quality automatic rollover IRA product, we will have additional opportunities to deliver a safe and flexible solution to providers and sponsors challenged with missing and nonresponsive participants."
"Missing and nonresponsive participants who no longer work for a company add significant risk, cost and administrative burden to plan sponsors and their providers," said John Geli, CEO of Wealth Management Systems, Inc. "As a complete provider of rollover services, we provide a choice of IRA options and are always looking to enhance our solution for our clients. The addition of Millennium Trust to our Network provides retirement plan providers and sponsors with access to another quality IRA provider who will accept a range of account balances and who has expertise in managing and servicing Automatic Rollovers."