Millennium Trust announced that they will add an optional auto-portability function to its automatic rollover IRA solution. They expect this add-on feature to be ready for client testing later this quarter and available in 2024 at no additional cost.
The auto-portability function is designed to connect to existing and new auto-portability networks to avoid retirement savings leakage, an answer to SECURE 2.0, which allows providers like Millennium Trust to offer auto-portability services to record keepers, third-party administrators and plan sponsors.