The Verdict
Millennium Trust serves a specific purpose: holding orphaned 401k funds. While legitimate, their fees are higher than alternatives. If your money ended up here, consider rolling it out to a better custodian or your new employer's plan.
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Important: You Likely Did Not Choose Millennium Trust
Unlike other custodians, most Millennium Trust accounts are created automatically when former employers roll over unclaimed 401k funds. If you have money here, it was likely transferred without your active involvement.
Millennium Trust at a Glance
Founded
2000
Assets Under Custody
$50+ billion
Total Accounts
5+ million
BBB Rating
B+
Specialty
Automatic rollovers and orphaned 401k accounts
Headquarters
Oak Brook, Illinois
What is Millennium Trust?
Millennium Trust Company is a specialty custodian that primarily handles automatic rollovers - the process where employers move small, unclaimed 401k balances to an IRA when employees leave.
Founded in 2000 and based in Oak Brook, Illinois, they manage over $50 billion in assets across 5+ million accounts. However, unlike Equity Trust or Rocket Dollar where you actively choose to open an account, most Millennium Trust accounts are created when your former employer automatically rolls over your 401k funds.
How Does Automatic Rollover Work?
When you leave a job and don't take action on your 401k within a certain timeframe, your former employer may:
- Cash out small balances under $1,000 (minus taxes)
- Roll balances between $1,000-$7,000 into a "safe harbor IRA"
- Keep larger balances in the plan (if allowed)
Millennium Trust is a major provider of these "safe harbor" automatic rollover IRAs. Your money ends up there because your employer chose them as their rollover provider - not because you selected them.
Pros & Cons
The Good
- Legitimate custodian - your money is safe
- Easy online account access
- Rollover to other providers is straightforward
- FDIC-insured up to $250,000
- No action required if balance is small
The Bad
- Higher fees than most alternatives
- Limited investment options (cash or stable value)
- You didn't choose to be here
- Annual fees can erode small balances
- B+ BBB rating (lower than competitors)
Millennium Trust Fee Structure
This is where Millennium Trust becomes problematic for small balances:
| Fee Type | Amount |
|---|---|
| Annual Account Fee | $50 |
| Asset-Based Fee (some plans) | 0.65% annually |
| Distribution Fee | $35 - $50 |
| Rollover Out Fee | $0 - $35 |
| Paper Statement Fee | $2 per statement |
The Problem: If you have a $2,000 balance, a $50 annual fee represents 2.5% of your account - far higher than typical IRA fees. Over 5 years without action, fees could consume $250+ of your balance.
What Should You Do?
Option 1: Roll to Your Current Employer's 401k
If your new employer allows rollovers into their plan, this consolidates your accounts and may offer lower fees.
Option 2: Roll to a Low-Cost IRA
Transfer to Fidelity, Schwab, or Vanguard where annual fees are $0 for most accounts.
Option 3: Leave It (Small Balances Only)
If your balance is very small (under $500), the hassle of moving it may not be worth it. But fees will continue to erode the balance.
How to Roll Out of Millennium Trust
- Log into your account at mtrustcompany.com
- Choose "Rollover" or "Distribution" from the menu
- Select your destination (new 401k or IRA provider)
- Request a direct rollover (trustee-to-trustee transfer to avoid taxes)
- Wait 5-10 business days for processing
Tip: Request a "direct rollover" to avoid the 20% mandatory withholding that applies to distributions paid directly to you.
When You'd Actually Choose Millennium Trust
While most people end up here by accident, Millennium Trust does offer some legitimate services:
- Self-Directed IRAs for alternative investments
- Health Savings Accounts (HSAs)
- 529 Education Plans
However, for these services, competitors like Equity Trust (SDIRAs) or Lively (HSAs) typically offer better value.
Final Verdict
Millennium Trust is a legitimate custodian, but you probably did not choose to be here. If you have money in a Millennium Trust account from an automatic rollover, seriously consider moving it to a lower-cost provider.
Rating: 3.5/5 (Not recommended for voluntary use)
Frequently Asked Questions
Is Millennium Trust legit?
Yes, Millennium Trust is a legitimate South Dakota-chartered trust company. They're regulated and your funds are FDIC-insured up to $250,000. However, their B+ BBB rating is lower than competitors.
Why do I have a Millennium Trust account?
Most likely, your former employer automatically rolled over your 401k balance when you left. This happens when you don't take action on small balances (typically $1,000-$7,000).
Can I roll my Millennium Trust account to a Gold IRA?
Yes, you can roll a Millennium Trust IRA into a Gold IRA. Augusta Precious Metals and other Gold IRA companies can help facilitate this transfer.
How do I find my Millennium Trust account?
Visit mtrustcompany.com and click 'Account Login' or 'Register.' You'll need identifying information from your former employer or the letter Millennium Trust should have sent you.
Roll Your Orphaned 401k Into a Gold IRA
Instead of leaving your money in a high-fee automatic rollover account, consider converting to a Gold IRA with Augusta Precious Metals.
$50k minimum | Up to 10 years fees waived | A+ BBB Rating