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.
Terry Dunne, managing director of the Rollover Solutions Group at Millennium Trust Company, stated:
“We’re excited about expanding our automatic rollover IRA services by allowing plan sponsors more investment choices. 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.
Gary Ward head of stable value at Prudential Retirement, added:
“Prudential is proud to make its group annuity contract an alternative for plan sponsors in the Automatic Rollover IRA space. 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.”