ELCA's Board of Pensions Selects Millennium Trust Company as Automatic Rollover Provider
Millennium Trust Company, LLC announced on August 6, 2007 that Evangelical Lutheran Church in America (ELCA) Board of Pensions has selected Millennium Trust to provide Automatic Rollover services for its institutional retirement plans.
Oak Brook, IL (PRWEB) August 19, 2007
Millennium Trust Company, LLC (www. mtrustcompany. com) announced on August 6, 2007 that Evangelical Lutheran Church in America (ELCA) Board of Pensions has selected Millennium Trust to provide Automatic Rollover services for its institutional retirement plans. Millennium Trust is a leading provider of administrative and IRA custody services specializing in large volumes of small IRA accounts.
Effective for plan distributions made after March 2005, terminated plan participants must affirmatively consent to receive a cash distribution if their account balance is between $1,000 and $5,000. Unless the participant makes an election to receive the amount in cash or elects a direct rollover, the balance will automatically be rolled into an IRA established on behalf of the participant.
Upon opening an IRA account, Millennium Trust sends each participant a Welcome Kit and invests the IRA in an FDIC insured money market vehicle. Millennium Trust provides a dedicated Automatic Rollover client service team in which each member is experienced with IRA accounts and well-trained on IRS distribution rules. Millennium also has procedures to locate new addresses of lost participants.
About Board of Pensions - Evangelical Lutheran Church in America
A unit of the Evangelical Lutheran Church in America, the Board of Pensions is located in Minneapolis, Minn. The Board of Pensions provides retirement, health and related benefits and services to enhance the well-being of those who serve through the ELCA and other faith-based organizations. The ELCA has 4.9 million members and is the fifth largest Protestant denomination in the United States and the Caribbean. www. elcabop. org
About Millennium Trust Company
Millennium Trust leads the industry in administrative and custodial services. Millennium custodies alternative and traditional assets in Self-Directed IRAs and Solo 401(k)s, creates customized Automatic Rollover programs, provides integrated Health Savings Account solutions, designs unique trading platforms for investment Advisors and supplies valued Personal Trust Administration. It custodies more than 30,000 IRA Accounts. www. mtrustcompany. com
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