What to do when a Matrix Trust account holder dies
Report the death to Matrix Trust IRA Department at 1-888-947-3472
What happens to Matrix Trust retirement accounts after the account holder dies depends on how each account was titled. Beneficiary-designated and trust-owned accounts transfer directly. Accounts in the deceased's name alone go through the estate, and the executor or administrator works with Matrix Trust IRA Department (1-888-947-3472) to claim the funds.
Death claim process
To file a claim after an account holder's death, here is what Matrix Trust requires:
Filing a claim
- An employer-sponsored plan (401(k), 403(b), 457(b), cash balance) with Matrix Trust as custodian: the claim goes to the plan's recordkeeper or administrator, through the employer's HR department
- An IRA held at Matrix Trust, usually a Safe Harbor IRA rolled out of a former employer's plan: Matrix Trust processes the death claim itself, through its Denver IRA Department
- The distribution form's instructions say: "If you are requesting to close the account due to death or divorce, please contact MG Trust directly for more information."
- MG Trust is the same custodian as Matrix Trust
- The IRA Simplifier, which opens an account the plan established without the holder's signature
- The Roth IRA Simplifier as well, or instead, where the deceased person held a Roth IRA
- The Customer Identification Form, required of "all account holders and payees," so the claiming beneficiary completes one
- The Traditional IRA Distribution Request Form
- Or the Roth IRA Distribution Request Form
- Section One: account registration. The account number may be left blank; Matrix Trust completes it from the name and Social Security number
- Section Two: a partial or full distribution
- Section Three: select "Death Distribution to beneficiary", attach a copy of the death certificate, and set the withholding election
- Section Four: a payment method (check, wire or ACH direct deposit), with a voided check or bank document for ACH or a wire
- The IRA Simplifier (and the Roth Simplifier where a Roth IRA is involved)
- The Customer Identification Form, completed by the claiming payee, with a full-page copy of a primary photo ID
- A second form of ID where payment is going anywhere other than the claimant's own residential address
- A copy of the death certificate
- A complete copy of the trust document, if a trust is the beneficiary
- Letters Testamentary or Letters of Administration, if the estate is the beneficiary
- A Medallion Signature Guarantee stamp on any distribution of $25,000 or more; a notary stamp is not accepted
- A voided check or bank letter, if you elect ACH or a wire
Required Documents
- Traditional or Roth IRA Distribution Request FormWith the "Death Distribution to beneficiary" election and a payment method.
- IRA Simplifier (Traditional and/or Roth)The account-opening form Matrix Trust requires before it will act on any instruction.
- Customer Identification Form, completed by the claiming payeeIt does not accept a P.O. Box as the residential address.
- Copy of a primary photo ID for the claiming beneficiaryA clear, readable, full-page copy of a driver's license, state ID, passport, permanent resident card or military ID.
- Second form of ID showing name and current address, where payment is to go anywhere other than the claimant's residential address or a receiving financial institutionA residential utility bill, a bank or investment statement, a paycheck stub, a W-2 or a voter registration card.
- Name-change document showing both the old and new legal names, where the claimant's name has changedFor example a marriage certificate or divorce decree.
- Death certificateThe distribution form instructs attaching a copy of the death certificate.
- Complete copy of the trust document, if a trust is the named beneficiary
- Letters Testamentary or Letters of Administration, if the estate is the beneficiary, including when no beneficiary was designated and the default order reaches the estate
- Medallion Signature Guarantee stamp, on any distribution of $25,000 or moreThe instructions say Matrix Trust is required by charter to obtain it; a notary is not accepted.
- Voided check or bank document, for an ACH or wire payment
Claims Contact
Website: Online portal →
Forms Matrix Trust issues5
- Traditional IRA Distribution Request Form (Revision 9-2014)
Completed by the beneficiary. Available to download.1
- Roth IRA Distribution Request Form
Completed by the beneficiary. Available to download.2
- IRA Simplifier
Available to download.3
- Roth IRA Simplifier
Available to download.4
- Customer Identification Form
Completed by the claiming beneficiary. Available to download.5
What happens to each kind of account2
- Employer retirement plan
For an employer-sponsored plan, Matrix Trust holds no participant-level records and produces no participant statements, and says it cannot accept requests directly from participants for security reasons. The plan's recordkeeper or administrator handles the death claim.6
- IRA
Matrix Trust handles a death claim itself only for an IRA it holds as custodian, usually a Safe Harbor (automatic-rollover) IRA opened by a former employer's plan for a balance under $7,000. The plan opened it without the holder's signature, so the IRA Simplifier must be filed first.6
A former plan with a Roth 401(k) or Roth 403(b) component produces a separate Roth IRA beside the Traditional one, and each is claimed on its own set of forms.6
If no beneficiary was named, Part 5 of the IRA Simplifier pays, in order: the surviving spouse; children, including adopted children, in equal shares (a deceased child's share to that child's living descendants); surviving parents in equal shares; then the estate.3, 7
Where a named beneficiary died first, the share does not pass to that person's children: Part 5 of the IRA Simplifier reallocates it pro rata among the surviving named beneficiaries.3
What Matrix Trust's agreement and guidance say4
- How proceeds are paid
The distribution form pays by check to the address of record, by wire ($20.00 fee, settled the same day), or by ACH direct deposit (no charge, 3-5 business days after approval).1, 2
- What it says about taxes
With no withholding election, the Traditional IRA Distribution Request Form withholds a flat 10% federal and 0% state unless state law makes it mandatory. The Roth form withholds no federal or state tax.1, 2
- Fees
Matrix Trust's fee schedule carries a $35 annual fee under $10,000 ($50 for accounts opened before April 1, 2019), an asset-based fee of 30 basis points under $100,000, and a $20.00 one-time lump-sum distribution fee.8
- Dormant and unclaimed accounts
The fee schedule lists a $10 Lost Accountholder Search, a $105 Lost Beneficiary Search, a $40 charge taken from a stale-dated check and a $125 Escheatment to the State charge. An unclaimed Safe Harbor IRA is eventually escheated to the state.8
Where a check Matrix Trust sent remains uncashed or its mail comes back undeliverable, a third-party subcontractor runs locator and stale-dated-check processing. The search fee is charged to the IRA and the stale-dated-check fee is taken from the check itself.6
Not in Matrix Trust's published guidance1
- How long a claim takes
Matrix Trust IRA Department can be reached by phone at 1-888-947-3472, email at mscsiraservice@broadridge.com, and fax at 1-303-893-0688 for questions throughout the claims process.
Sources
Data sourced from Matrix Trust primary sources (16 pages reviewed). How we research.
Matrix Trust death claims support
Matrix Trust IRA Department (Denver)
Phone
Toll-free
Safe Harbor IRA Customer Care
Fax
Hours
Mailing address
Website
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