Oak Brook, IL (PressExposure) January 12, 2009 -- Millennium Trust has signed 403(b) Information Sharing Agreements with administrators and plan sponsors across the United States. Across its product lines, Millennium works with over 3,000 Employee Benefit Plan Sponsors including some of the largest 403(b) employers in the United States.
The December 11, 2008 IRS announcement of an extension of time to 403(b) rules for public schools and exempt organizations opens the door for fund companies to utilize Millennium's proprietary technology to maintain 403(b) assets under management and allow future contributions.
In July 2007, the IRS published final 403(b) regulations providing updated guidance on several administrative requirements. Employers and mutual fund companies are seeking solutions to comply with these regulations. "Our program is designed to assume responsibility for individual level account activities working in partnership with record keepers, third party administrators and financial service providers. We pride ourselves on being innovative and responsive to regulatory changes. We do not compete with financial service providers," comments CEO, Scott McCartan.
Millennium's 403(b) Custody Solution utilizes proprietary technology to provide seamless integration of custody services and 403(b) accounts. While preserving existing mutual fund relationships with brokers, advisors, and fund companies, Millennium assumes responsibility for administrative, nonfiduciary compliance requirements under employer plan documents.
Millennium's open architecture provides a solution for participants investing in different mutual fund families. MTC can serve as the custodian for all active plan participants or as the custodian for individual 403(b) accounts. The 403(b) Solution allows employees to continue working with their financial advisors and brokers.