John Hancock Selects Millennium Trust for Plan Termination Solution
Millennium Trust Company, a provider of custody and IRA services, announced it has been selected as the custodian for John Hancock's plan termination solution.
According to a press release, the solution enables third-party administrators (TPAs) and retirement plan sponsors to wind down terminating plans by rolling over plan assets for missing and non-responsive participants to an IRA invested in a John Hancock money-market fund. John Hancock’s Retirement Income and Rollover Solutions Division will facilitate the execution of automatic rollovers from retirement plans to Millennium Trust Company.
Automatic rollover assets will initially be invested in a John Hancock money-market fund, in compliance with Department of Labor safe harbor regulations, the release said. As active IRA account holders of Millennium Trust, the former plan participants will also have access to John Hancock’s lineup of mutual funds.
Plan sponsors will be able to retain Millennium Trust’s custody services to distribute any remaining plan assets to close out the terminating plan.