Skip to main content

You are here


Millennium Trust to Begin Testing Auto Portability Functionality

Client Services

The Millennium Trust Company has announced that it will soon offer optional auto portability functionality for its automatic rollover IRA solution.  

The functionality is designed to connect to existing and new auto portability networks to further the industry’s efforts to reduce retirement savings leakage. The firm notes that it will have the new functionality in place by the end of June 2023, so interested stakeholders will be able to first test and then implement it at no additional cost beginning in 2024.  

“Thousands of recordkeepers, third-party administrators and plan sponsors — including more than half of the top 20 recordkeepers — partner with Millennium Trust to decrease leakage. Our scale and existing technology integrations put us in the unique position to connect the industry, and we knew we could bring this functionality to market quickly,” said Erik Beck, Chief Commercial Officer of Millennium Trust. “We’re offering this optional feature so any clients interested in connecting with our extensive network of retirement industry participants will be able to do so quickly and easily.” 

Millennium Trust’s automatic rollover solution has previously supported active portability of an IRA owner’s funds when the account owner chooses to do so. Now the company is extending the portability options by helping individuals transfer their retirement savings from a former employer’s retirement plan to an auto rollover IRA, and then to their new 401(k) or similar employer-sponsored plan unless they elect otherwise.

According to the announcement, it is an optional add-on to the existing solution, wherein low-balance accounts of non-responsive former employees are rolled over to an IRA to maintain the tax advantages of the retirement savings system and reduce leakage.  

“Millennium Trust wants to make a broad impact on keeping money in the retirement system by partnering with recordkeepers, third-party administrators, plan sponsors and others in our industry. We welcome any current and future retirement industry providers to join us in this mission,” said Millennium Trust CEO Dan Laszlo.

This current initiative is part of Millennium Trust’s more than $30 million commitment to combat retirement savings leakage.