What to do when a Mid Atlantic Trust account holder dies

Completed by the payee. Sent by the institution on request.¹

For an employer plan, MATC says the third-party administrator "initiated your original distribution" and that MATC "is the trustee/custodian for the plan and does not have participant level information." It can provide the administrator's contact information.¹

A Form 1099-R from Mid Atlantic means a distribution or rollover was processed for that person in the previous tax year.¹

MATC provides participant distribution and paying agent services for plans in custody with it or held elsewhere, including Form 1099-R production and daily updates of uncashed checks.²

MATC's FAQ says that when a plan "is determined to be abandoned all participants or beneficiaries in that plan must be notified of their options." Funds not withdrawn within 30 days of the letter "will be rolled over into an IRA for your benefit until you claim them."¹

A Form 5498 from Mid Atlantic Trust Company means an IRA was open for that person's benefit in the previous tax year.¹

When it terminates an abandoned plan, MATC searches for any lost participants or beneficiaries, creates IRAs for lost participants, and continues periodic searches for lost participants with required annual mailings.³

For an uncashed check, MATC runs an address search and writes asking the payee to complete a form directing a stop and reissue of the check. It charges a $35 fee from the check proceeds when it reissues, and allows 90 days before moving the check forward in its process.¹

After the outreach, checks that are still stale are rolled over to an IRA on MATC's platform if eligible. Ineligible checks stay in the stale check process until they are escheated to the state they were mailed to.¹

Once MATC receives a completed Request for Distribution form, its normal processing time is 2-3 business days. The reissued check is mailed standard USPS and takes another 3-5 business days to arrive.¹