OAK BROOK, Ill., April 13, 2016 /PRNewswire/ -- Millennium Trust Company ("Millennium Trust"), a leading provider of automatic rollover solutions for employer-sponsored retirement plans, today announced the launch of a free search tool to help individuals find unclaimed retirement funds that may have been rolled over to a Millennium Trust IRA account from a previous employer.
U.S. workers had nearly $25 trillion invested for retirement by the end of 2014 according to the "2015 Investment Company Fact Book," but frequent job changes or layoffs may have caused some employees to lose track of their retirement accounts.
According to Terry Dunne, Managing Director of the Rollover Solutions Group at Millennium Trust, "Department of Labor statistics reveal that at the end of 2013, about 16 million people still had retirement assets in a former employer's retirement plan. A significant percentage of these assets may represent missing, non-responsive participant assets."
Millennium Trust is dedicated to assisting individuals to reconnect with their forgotten and unclaimed retirement accounts.
"We have a comprehensive set of procedures in place to search for missing account holders. And we're fairly successful. We find the correct address for roughly 90% of the individuals who are missing or non-responsive at the time their account is rolled over to us, "said Mr. Dunne. "This new online search tool will help us to connect with more of them. It is a simple and free method for individuals to determine if they have an IRA account at Millennium Trust and reclaim their retirement funds."
"Considering the volatile job market since the financial crisis, and the increasing number of workers switching jobs more frequently, it's no surprise that some workers may have lost track of one or more retirement accounts," said Mr. Dunne.
While there are several national databases that match individuals to unclaimed retirement funds, accounts custodied by Millennium Trust are not included. In response, the company has created an easy-to-use online search tool that will help anyone in the country see if they have unclaimed retirement account funds at Millennium Trust.
The process is simple: Visit http://www.mtrustcompany.com/unclaimed-retirement-funds. Enter your social security number—complete privacy is assured—and the system returns immediate results. If individuals have any unclaimed retirement funds, they can choose to complete online forms to either keep their account with Millennium Trust or take a distribution. Often former employees have moved or changed their contact information, making it difficult for previous employers or others to contact them. By providing current contact information, Millennium Trust can help the individual take control of their retirement funds.
"It's in everyone's best interest—both plan sponsors and employees—to ensure that no retirement funds go unclaimed," added Mr. Dunne. "We are pleased to provide this resource and encourage anyone who has lost track of a retirement account at a former employer, to come to our site and search for unclaimed funds."
To research your accounts, or for more information, visit: www.mtrustcompany.com/unclaimed-retirement-funds
About Millennium Trust Company
Millennium Trust Company provides innovative custody solutions for IRA rollovers, alternative assets, and private funds. With $17.4 billion in assets under custody and more than 432,000 accounts under administration (as of 12/31/2015), Millennium Trust Company is a leader in providing custody services for both alternative and traditional assets. Millennium Trust performs the duties of a directed custodian. As such, it does not provide due diligence on prospective investments, sponsors or service providers and does not sell investments or provide investment, tax or legal advice. For more information about Millennium Trust Company visit: http://www.mtrustcompany.com
SOURCE Millennium Trust Company