ComplaintsforMillennium Trust Company, LLC

• Initial Complaint

  01/28/2022

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  Without my knowledge, my 401k was moved over to Millenium Trust. They only notified me that they had my money *after* removing a $55 handling fee. Then to roll it over to my employer's account, they charged another $25 "check writing" fee. (Literally all they did was hold my money for a year without notifying me...while charging me $80 in the process!)I would ideally like to recoup these fees.

  

  Business response

  02/06/2022

  Were glad we were able to connect with you and resolve your issue. Millennium Trust provides an automatic rollover *** solution to employer-sponsored retirement plan providers with missing or non-responsive participants. We pride ourselves in our ability to locate those participants and reunite them with their retirement funds. As part of this process you should have received a communication from your prior plan provider before the rollover in addition to the communication we sent when your account was established at Millennium Trust. Were glad that once we were able to connect with you, we could complete your distribution as directed and reunite you with your funds. We wish you the best with your future retirement planning.

• Initial Complaint

  12/20/2021

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  1st week Nov 2021 after receiving my **************************************************************************** ******* and investment company Ameritas to get information on how to withdraw/close from my 401k. The liaison said since we were so close to December 1st and all former employee accounts would roll over to IRAs to hold off until December to avoid penalty costs. But before Dec I received another letter from Ameritas that my account had been closed and funds withdrawn as of Nov 23rd. I contacting them they told me the funds were sent to Millennium Trust. I contacted MT but was told in Nov they had no account under my name and that if a check was sent over it could take up to six (6) weeks before an account would be set up. From then on I was shuffled between Ameritas and MT trying to find my funds speaking to both at least 2-3 times a day 3-4 times a week with Ameritas constantly saying they sent the funds to MT whod say they had no record of me. I was even on hold with Ameritas while they spoke with a supervisor at MT for over an hour because the supervisor said they had no records of my funds despite this now being two weeks after a batch of 18 checks had been sent to them. Week 2 I was told by MT to contact Ameritas for a Plan Name wire number and trans number just so they could locate my funds, I provided that. Week 3 I was told by MT they were waiting on paper work from Ameritas to complete my file but I learned that MT was actually waiting for agreements from BIC in order to process my account not Ameritas and that their back office was in contact with BIC but received no agreements for Dec and it could take over two weeks just to get that paper work then another 14 business days for an account to be set up a week to get a welcome packet then another 9 days to withdraw by then it would be the end of Jan. *** has MT not contacted BIC for the paperwork and holding my check for at least 2 months? *** am I waiting so long when they have my check?

  

  Business response

  12/30/2021

  Were glad we were able to resolve the issue and reunite you with your retirement funds. We are dependent on the information and directions we receive from plan sponsors and recordkeepers and cannot establish IRAs for plan participants until all the required documentation is received. We were finally provided the direction and funds to establish your account last week and are glad that you were able to complete the paperwork to take control of your account and distribute your funds. Your distribution has been processed and you should see your funds shortly according to your banks processing time. Please feel free to contact us directly if you require any additional assistance. We wish you the best in your future retirement planning.

• Initial Complaint

  12/02/2021

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  401K, I'm a former employee of ************* ******************************************* 28208,**********.Disel mechanic. Back in September 2021 my financial advisor and I had a conference call with A&R on where to send my 401K money it was to be transferred to ***** ********** which I authorized. A&R sent my money to Millennium Trust which I did not authorize! I have been fighting with Millennium ever since to get my money and getting no where, I'm being told I have to pay them for charges and set a online account up I don't have a account with them I never authorize this transfer. Millennium is very rude will not help me I have called them over and over last call 12/2/21 the employee hung up on **** work hard for my money and want me money and not paying any fees for something I didn't authorize! 401K balance as of right now ******** and ever day losing money ..I just want belongs to **** have tried everything with Millennium to get my money and can't get my money please help.im only asking for what is mine and I worked for it. I don't know where else to turn. Thank you *****

  

  Business response

  12/12/2021

  Millennium Trust provides an automatic rollover *** solution to employer-sponsored retirement plan providers with missing or non-responsive participants. This feature would have been defined in A&R Transports retirement plan documents and allowed your plan to direct the rollover of your funds into an *** for your benefit. Your plan, in accordance with its provisions, chose Millennium Trust as the *** custodian for these rollovers and agreed to the fees and services that would apply to your *** when they directed the rollover of your retirement funds. As part of this process, you should have received notice from A&R Transport and/or their designated recordkeeper providing you with the opportunity to direct a distribution or transfer of your funds to another custodian if you did not wish to rollover to Millennium Trust.
  
  Were sorry to hear that you did direct A&R Transport (or their designated recordkeeper)to transfer your funds to ***** Fargo instead of Millennium Trust, and that they did not follow your direction. Unfortunately, we were not a party in that communication and we cannot comment as to why your previous employer instead directed us to establish an account on your behalf. We recommend that you reach out to your previous employer for more information on why your funds were not transferred according to your direction.
  
  We would like to assist you in any way we can to reunite you with your retirement funds and resolve this issue. We have already provided you with transfer instructions and have agree to transfer out your account at no additional cost; however, we have not received any transfer paperwork from either you or your successor custodian.The IRS requires an ***-to-*** transfer form to be completed on the receiving custodian's paperwork, in this case ***** Fargo. You only need to submit your transfer request to ***** Fargo on their paperwork, and then ***** Fargo will accept and sign the request and forward the same form to us for processing.Once we receive your transfer direction from ***** Fargo, we will expedite the request. We are also willing to participate in a conference call with your financial advisor if that would help ensure your directions are processed accurately. Please feel free to contact us directly if you have any questions or if we can be of any additional assistance.

• Initial Complaint

  11/30/2021

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  Not able to receive my check . According to them , the check was mailed out on Oct 18th, and today is Nov 30th!!!It seems that the company is famous of not sending checks out in time per other reviewers !

  

  Business response

  12/09/2021

  Were glad we were able to connect with you and resolve your issue. When you first requested your distribution in October, we processed the request and sent your check to the provided address the very next day. We were sorry to hear that you never received the original check and have reissued and overnighted a new check to you. Were glad that you have confirmed receipt of this new check, and we wish you the best in your future retirement planning.

• Initial Complaint

  11/10/2021

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I worked for ***** ********** and my 401k was transferred to Millennium trust company on 08/04/21. I have not been contacted by Millennium trust company through phone, email, or by mail or any form of communication for that matter about the account or any information regarding the whereabouts of my account and how to set it up or login since the transfer. I called Millennium trust the first week of September to have my funds transferred to vanguard. I did exactly what the lady asked me to do which was to fill out the electronic forms online. she said once it was sent, to give it 4 weeks before the funds appeared in the new vanguard account. I gave it 6 weeks, nothing happened. Now we are at the 3rd week of October, I called Millennium back and this time I got a man on the phone. he said he did not see that we filled out any forms. he said we were to reach out to vanguard directly for a form to request for transfer. I called vanguard right away, and they said that is not the case at all and there is no forms required. I got fed up with waiting so I contacted Millennium the following day 10/27/21 and requested for a check to be sent to me. they asked me for all the necessary information and said it would be processed and sent out the following week. I called the following week to check on the status of the check. they said it was processing and I should receive it in a few more days. i gave it until 11/10/21 and called to see if they sent out a check, and they simply said " we don't send out checks". now I am livid, I'm being given the runaround by this company since September! this company is a scam, its been 3 months and I have not received my money. I logged onto their website today to access my account and saw that they charged me $90 in fees! for what? annual account fees and 2 establishment fees. that is ridiculous, I want the fees reimbursed. charged right at transfer 8/4/21. since the money has been sitting in the account, I gain $0 and lost almost $100.

  

  Business response

  11/22/2021

  One of our client service supervisors has attempted to contact you; however, we have not been able to reach you. When your Millennium Trust accounts were established in August, we sent welcome communications to you in the mail that described the rollover process and included information about your accounts such as instructions for how to take control of your accounts, the fees that would be applicable, and your options for handling your funds moving forward. When you first contacted us in October, we provided you with transfer instructions as well as sent you links via email to take control of each of your accounts. As described in the transfer instructions, the *** requires ***-to-*** transfers to be initiated on the receiving custodians paperwork, which in this case would be Vanguard. Although we received and processed the forms you completed online to take control of your accounts, we did not receive any transfer paperwork from Vanguard. When you called us the next week and again later in October to check on the status of your transfer, we notified you each time that we had not yet received any transfer paperwork and advised you to contact Vanguard to ensure they would initiate the process. We have still not received any transfer request paperwork from Vanguard or any other distribution request.
  
  Were sorry that the process to transfer your funds to Vanguard has been difficult. We strive to make each client experience easy and pleasurable and would like to further assist you with either transferring or distributing your funds. Please contact our client service supervisor at your earliest convenience using the direct contact information previously provided to you so that we can help resolve you issue. 

• Initial Complaint

  09/11/2021

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Ive been retired for 2 1/2 years and still waiting on my disbursement of funds. I have filled out paperwork made countless phone calls and emails. They have been stalling and sending me the same paperwork to fill out, and giving me the run around. Enough.

  

  Business response

  09/24/2021

  Were glad we were able to resolve your issue and reunite you with your retirement funds. When you first contacted us in August, the distribution paperwork you submitted did not contain your signature. We contacted you regarding this requirement, and were glad that when you submitted your signature, we were able to process your distribution the next day. Please feel free to contact us directly if there is anything else we can do to assist you.

• Initial Complaint

  08/22/2021

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I HAD A 401K FROM RESTAURANT MARKETING ASSOC. WITH ********* DOLLARS ON IT SOME HOW WITHOUT MY CONSENT WAS TRANSFERRED TO MILLENNIUM TRUST COMPANY I OPENED AN ACCOUNT WITH TD AMERITRADE IN ORDER TO ROLL OVER THE ACCOUNT JUST TO FIND OUT THAT MILLENNIUM HAVE MY MONEY THIS WAS IN 2019 MILLENNIUM FORCED ME TO OPEN AN ACCOUNT WITH THEM IN ORDER TO RECOVER MY MONEY I WANT TO TRANSFER IT TO TD AMERITRADE MILLENIUM LOCK ME OUT OF MY MONEY I CANT LOG IN THEY DONT SEND ME ANY THING IM CALLING THEY PUT ME ON HOLD I WILL REPORT THIS COMPANY I WILL FILE AN ERISA FRAUDE COMPLAIN I WILL RECOVER MY MONEY

  

  Business response

  09/03/2021

  Millennium Trust provides an automatic rollover IRAsolution to employer-sponsored retirement plan providerswith missing or nonresponsive participants. As part of this process, yourprevious employer or plan provider should have contacted you prior to therollover to give you time to direct a different rollover, transfer, ordistribution if you did not wish for the funds to come to Millennium. Weunderstand you believe you directed your prior employer to distribute your fundsto you and not to rollover your funds into an account at Millennium Trust. Aswe mentioned on the phone, we recommend you connect with your previous employeror plan provider to discuss any directions made before the rollover; however,we can assist with any directions you may have for your funds moving forward.
  
  Were glad we were able to connect with you todiscuss your account and help you take control of your funds. We are happy toassist you with completing a transfer to another custodian. Please contact usdirectly if you have any questions regarding the transfer instructions we sentto you. Once we receive the completed direction from your new custodian, wewill expedite your request. We wish you the best with your future retirementplanning.

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩