FAQs – Professionals
Get Quick Answers to Your Most Immediate Questions
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PenChecks Trust’s Services
- Express Distribution – The client provides the participants’ personal information, account information, payment instructions, and submits Plan assets to PenChecks
- Premier Distribution – The client provides the participants’ personal information and distribution details. PenChecks notifies participants of their pending distributions and directs them to our secure benefit election website (paper forms also available) where they will select their distribution type and provide payment instructions
- Automatic Rollover IRA (ARO IRA) – The client provides the participants’ personal information, balance information, and submits Plan assets to PenChecks. PenChecks will establish a Safe Harbor Automatic Rollover/Missing Participant IRA on behalf of the participant
- Normal Retirement Age Rollover IRA (NRA ROLLOVER IRA) – The client provides the participants’ personal information, balance information, and submits Plan assets to PenChecks. PenChecks will establish a Rollover IRA on behalf of the participant. Please note: While those accounts are established and maintained according to the DOL Safe Harbor Regulations, the regulatory safe harbor does not apply to NRA ROLLOVER IRAs.
- Qualified Uncashed Checks – Uncashed check representing a rollover of qualified funds, PenChecks can distribute it as a Cash Lump Sum or establish an ARO IRA/NRA ROLLOVER IRA on behalf of the participant
- Non-qualified Uncashed Checks – Uncashed checks reported as a taxable event, PenChecks can distribute it as a Cash Lump Sum or establish a Taxable Savings Account on behalf of the participant
Tax Payments and 1099-R?
- 1099-R Only – Prepare and file form 1099-R for distributions that have already been processed by a party other than PenChecks
- Tax Payment & 1099-R – Pay the taxing authorities, and also submit 1099-Rs to participant.
Address search using a participant’s name, date of birth, and social security number to help locate missing participants
Amplify Login and Account Help
What internet browser can I use to access the website?
This site is supported in Chrome, Firefox, Microsoft Edge, and Safari.
What is the Amplify website URL?
What do I need to create an account?
Enter your company name, company EIN, company type, account type, and company street address (city, ZIP, state, country).
What information would I need to add a Plan to Amplify?
It is not required but may be beneficial to obtain the Plan’s 5500 to set it up.
- Plan Name
- Plan Type
- Where the assets are held
- If the Plan is terminating
- If the Plan is subject to annuity
- Trustee information
Do I need to add the Plan’s EIN?
Although the Plan’s EIN is not required to process distributions using PenChecks services, we highly recommend including it in Amplify.
Do I need my company’s EIN to create an Amplify account?
Yes, a valid EIN is required to set up a new Amplify account.
About PenChecks’ 1099-Rs
Does PenChecks issue Form 1099-R?
Yes, PenChecks issues a 1099-R for any distribution we process. We also offer 1099-R Only and 1099-R and Tax Payment Services for distributions not processed by us.
Does PenChecks issue a 1099-R for the Uncashed Checks service?
PenChecks does not issue a 1099-R for the Nonqualified Uncashed Checks service, as those funds would have already been taxed and reported. PenChecks does issue a 1099-R for the Qualified Uncashed Check service.
Can you provide a 1099-R for an In-Plan Roth Conversion?
Yes, if the funds for the distribution will not be processed by PenChecks, you could generate a 1099-R Only order in Amplify to request the 1099-R be prepared by PenChecks.
Can you create 1099-Rs for previous years?
No, PenChecks is only able to process 1099-R requests for the current tax year. Check the Amplify login page for any relevant deadlines.
Can you process a 1099-R for non-taxable distributions?
Yes, our 1099-R Only service is designed for creating 1099-Rs for non-taxable distributions processed by a party other than PenChecks.
Would a 1099-R be generated for a Loan Disbursement?
No, loan disbursements do not generate 1099-Rs.
Would a 1099-R be generated for a Defaulting Loan?
Yes, if a distribution is issued and taxes are withheld two 1099-Rs would be generated reflecting one for the actual distribution and the second for the defaulting loan. Otherwise, if you need to generate only the 1099-R for a defaulting loan without processing a distribution, use our 1099-R Only service.
Can you generate a 1099-R with the company’s EIN?
No, PenChecks can only produce 1099-R with our EIN.
About Creating, Editing & Checking the Status of My Orders
How long does it take for a check sent Certified Mail to arrive?
This service takes approximately 5 to 10 business days for USPS to deliver the letter. Contact PenChecks for the Certified Mail tracking number after the letter has mailed.
Can a participants check be sent via Certified mail to a P.O. Box?
Yes, a certified letter can be accepted at a P.O. Box, however, this is not guaranteed as it is up to the discretion of each post office.
Can a participant’s check be mailed overnight to a P.O. Box?
No, FedEx, the overnight mail provider used by PenChecks, is not able to deliver letters to P.O. Boxes. A physical address must be provided.
The participant’s Rollover check needs to be mailed to the institution, does PenChecks have their address on file?
No, PenChecks is unable to assist with determining the correct address to mail a rollover check to the receiving institution. We strongly recommend verifying rollover check instructions with the receiving institution to ensure they can receive the funds and credit them to the correct account. Incorrect check instructions may lead to delays and additional fees.
There is a form/document that needs to be mailed with the participant’s rollover check to the new institution, how can I have the check and form mailed together?
If an additional document needs to be mailed to the new institution, you will need to have the rollover check mailed to the participant first, who can then forward it with the additional documents to the new institution. PenChecks is generally unable to mail any additional documents with a rollover check.
Is there a limit to the number of payments I can split the participant’s distribution between?
No, however additional processing fees and delivery fees will apply for each individual payment.
Can we default balances $5,000 and over from a non-terminating Plan?
The IRS does not prohibit balances from a non-terminating plan to be defaulted to an Automatic Rollover IRA. However, the Department of Labor Safe Harbor only covers balances below $5,000. If you have a Participant in this situation that needs to be defaulted, please contact us by email at Info@penchecks.com or call (800) 541-3938.
About Remitting Funds to PenChecks
Can PenChecks deposit a check that’s not payable to PenChecks?
Yes, as long as the check is endorsed to PenChecks Trust Company of America by the trustee.
How can I pay the Service Fee?
This fee can be sent by check, wire, or ACH. You can also request a link to pay by Credit Card.
Can I send one check for multiple participants under the same Plan?
Yes, please keep in mind that PenChecks cannot proceed with processing until the amount required for the submitted orders balances to the deposit received. If you need to process participant payments at different times, we recommend that you send separate deposits in order to avoid any delay in processing.