Testing Begins on Millennium Trust's New Open Portability Network
OAK BROOK, Ill., July 6, 2023 (Newswire.com) - Millennium Trust Company, LLC, a leading provider of health, wealth, retirement, and benefits solutions, has officially kicked off testing of its new open portability network. The network is designed to connect with all types of providers who want to make the movement of funds between retirement accounts faster and easier, helping reduce unnecessary retirement savings leakage and increasing access to savings and investment options for all.
First announced in April, Millennium Trust's new open portability network eliminates the friction and hassle of moving money within the retirement system by digitizing the transfer process. Its dual solution enables both auto portability and active portability within one network, enhancing the company's existing portability solution and allowing clients to offer auto portability services.
"We're excited to begin testing of our open portability network with several valued partners and believe that our approach of 'one network, two solutions' will create incredible value for the retirement industry," said Erik Beck, Millennium Trust chief commercial officer.
Portability has always been part of Millennium Trust's automatic rollover solution and gives individuals the choice to decide what to do with their hard-earned retirement savings. Active portability through the new network will allow individuals to digitally transfer their funds simply and quickly between retirement accounts. Automatic rollover solutions with active portability reduce unnecessary retirement savings leakage and improve long-term financial outcomes.
"Our goal is to make it easy for people to make and execute the right financial decisions for themselves. This network will reduce paperwork, manual checks, phone calls, and general frustration with the process. We're eliminating friction, which is good for consumers and for the industry," said Dan Laszlo, Millennium Trust chief executive officer. "It lowers costs for our institutional clients, gives people better control of their retirement funds, and increases customer satisfaction - all clear benefits of participation."
Millennium Trust's open portability network also enables auto portability as an optional add-on to its existing auto rollover solution, to help individuals who aren't actively engaged with their retirement savings. The network will be ready to enable auto portability well ahead of Jan. 1, 2024, when auto portability may first be offered under the SECURE 2.0 Act.
"We'll be ready for any partner that wants auto portability on Day 1," Beck said.
Millennium Trust's scale and existing technology have allowed it to quickly connect the industry and bring this functionality to market. Designed to maximize the positive impact for consumers and partners, the company is leveraging decades of experience and its market position to push the industry forward to remove barriers and streamline processes. These efforts are just one aspect of Millennium Trust's more than $30 million commitment to combat retirement savings leakage by reducing friction, expanding access to savings options, and providing improved financial education.
The company plans to add recordkeepers, automatic rollover providers, other portability networks, and other industry leaders interested in improving long-term financial outcomes to the network soon. Millennium Trust invites those interested in testing the new functionality or learning more about the open portability network to go to portability.com
Source: Millennium Trust Company
