OAK BROOK, Ill., Jan. 20, 2016 /PRNewswire/ -- Millennium Trust Company announced today an agreement with Prudential Insurance Company of America (PICA) that allows plan fiduciaries to select the Prudential Guaranteed Fund as an investment option when using Millennium's automatic rollover services.
"We're excited about expanding our automatic rollover IRA services by allowing plan sponsors more investment choices," said Terry Dunne, Managing Director of the Rollover Solutions Group at Millennium Trust Company. "Prudential is a recognized leader in the retirement space. Plan sponsors can now select the Prudential Guaranteed Fund as the initial investment for automatic rollover IRAs when completing their service agreement with Millennium."
By utilizing Millennium's automatic rollover solution, plan fiduciaries can roll costly, non-responsive, small-balance account holders (generally those with balances of less than $5,000) out of their plans and into a self-directed IRA. While Millennium works to connect missing and non-responsive account holders with their retirement money, balances in the IRAs will be held in the initial investment selected by the plan fiduciary.
"Prudential is proud to make its group annuity contract an alternative for plan sponsors in the Automatic Rollover IRA space," said Gary Ward head of stable value at Prudential Retirement. "By leveraging our 40 years of experience, market leadership, and strong commitment to the stable value market, and working with a leader in the rollover space, we are able to create new investment opportunities for automatic rollover IRA participants."
Millennium does not offer, sell or recommend the Prudential Guaranteed Fund or any investment. All requests for information on and questions as to the Prudential Guaranteed Fund and the group annuity contract offered through Prudential must be directed to Prudential's Marc Pester at email@example.com.
About Millennium Trust Company
Millennium Trust Company (http://www.mtrustcompany.com/) provides innovative custody solutions for IRA rollovers, alternative assets, and private funds. With more than $16.8 billion in assets under custody and more than 408,000 accounts under administration (as of 11/30/15), Millennium Trust Company is a leader in providing custody services for both alternative and traditional assets. As such, it does not provide due diligence on prospective investments, sponsors, or service providers and does not sell or offer insurance products or other investments or provide investment, tax, or legal advice.
Prudential Financial, Inc., a financial services leader with over $1.1 trillion of assets under management as of September 30, 2015, has operations in the United States, Asia, Europe, and Latin America. Prudential's diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the United States, Prudential's iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com/.
SOURCE Millennium Trust Company