FAQs – Amplify

• 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

• 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 – Distribution processed by a party other than PenChecks, with taxes withheld but not remitted

A registered Amplify user would be able to send you an invite via email to create your user profile.

@xxxxxx.xxxxx.mandrillapp.com
@mandrillapp.com
or
*@mandrillapp.com and *@*.mandrillapp.com

If you are still having difficulties, please contact our Client Experience team (800) 541-3938

No, if one of your plan sponsor clients previously used another TPA firm and was entered in Amplify you will still need to enter a new plan account within your TPA account. If you require specific data from when your plan was processed under a different account, please send PenChecks a letter on the company letterhead with the details you are requesting.

Removing funds from the Master Credit Account would be considered a withdrawal (withdrawing from the Master Credit accumulated/available) and would be done through the Account tab. Removing funds from the Plan Assets would be as a Vendor done through the Plan level (if there are available funds in the Plan Assets).

Your requestor fees are directed to your credit balance at PenChecks. To send funds from your credit balance to yourself or another party, go to the Account tab in Amplify, click on Credit Balance and there will be a New Withdrawal option to generate the Vendor order to send funds to your firm.

amplify.penchecks.com

Only the Master Account owner can acknowledge the Client Service Agreement in Amplify.

The Plan/ Plan Sponsor are not required to sign the Client Service Agreement, you are able to request they complete it for your records, but it is not a requirement for PenChecks.

You can access your Credit Account through the ‘Accounts’ tab on Amplify, from there you would be able to create an Order to withdraw the funds.

PenChecks issues a 1099-R for both Express and Premier services, as well as our Automatic Rollover IRA and Qualified Uncashed Check services. PenChecks does not issue a 1099-R for the Nonqualified Uncashed Checks service, as those funds would have already been taxed and reported.

Please contact us by email Info@penchecks.com or call (800) 541-3938.

We will need a request in writing detailing the correction/change/suppression/void. Please contact us by email Info@penchecks.com

Yes, if the funds for the distribution will not be processed directly from PenChecks, you could generate a 1099-R only order in Amplify to request the 1099-R be prepared by PenChecks.

No, PenChecks is only able to process 1099-R requests for the current tax year. Check the Amplify login page for any relevant deadlines.

Yes, our 1099-R Only service is designed for creating 1099-Rs for non-taxable distributions processed by a party other than PenChecks. Please keep in mind that PenChecks is only able to report tax withholding that was processed directly by PenChecks.

All taxes withheld and remitted by PenChecks are done so using our PenChecks EIN, not the Plan’s EIN. As such, the Plan Sponsor should not have reported these amounts as a liability on the Plan’s 945 (which is filed under the Plan’s EIN) at all. Contact PenChecks Client Experience if you have additional questions about a particular Plan’s situation.

You are only able to edit an Order Line while the Order is in Open status. If the Order is Open and you don’t see the edit button, please be sure to hover your mouse over the row of information that needs to be edited, a blue arrow/edit pencil will appear on the far-right hand side. If you are not seeing the button, please ensure you have Amplify full screened as it may not show on a minimized screen.

Please contact us by email Info@penchecks.com or call 1-800-541-3938. Please be aware that check copies are not available until after the check clears at the bank.

Please contact us by email Info@penchecks.com or call 1-800-541-3938.

After entering the Beneficiary in the Participant fields, select Death as the Distribution Reason then you will be able to put the Decedent’s information.

If no funds have been associated, navigate to the Review Summary tab to reopen the order and make the changes needed. If funds have already been associated, please contact us by email Info@penchecks.com or call 1-800-541-3938

If the account has not yet been claimed, yes. Your request must be submitted in writing. Contact PenChecks Client Experience team by email Info@penchecks.com or call 1-800-541-3938 for additional details, and to verify if an account can be returned.

Yes, once you see the funds posted to the Plan’s Plan Assets page in Amplify, create a Vendor Order to return the funds by check, ACH or Wire.

Navigate to the distribution’s Order Line Details page and scroll to the Payments section of the page to check the status of the check, wire or ACH. Once it is in the “Cleared” status the distribution payment has been successfully deposited by the participant or Rollover institution.

No, you must create separate Order Lines for the participant’s Traditional and Roth funds. Standard processing fees will apply to each Order Line.

Yes, Amplify allows you to charge a custom Requestor Fee, this fee will be automatically deposited into your Master Credit Account.

In addition to having the same rights as an Admin user, an Account Holder/Owner can edit or delete Admin users.

These users can create and edit plans and plan sponsors; create, edit, and submit orders; manage the Amplify account’s credit account; and invite, edit, and delete users.

These users can create and edit plans and plan sponsors and create and edit orders (an Admin user must submit it).

These users can only view information in Amplify including running and exporting reports. The first 5 digits of SSNs will be masked.

Funds would need to be sent as a check, Wire, ACH, or credit card (fees only). Payment instructions can be found on the ‘Help’ tab on Amplify and forwarded to the Trustee to send the funding to PenChecks Trust. PenChecks cannot initiate a request for funds from the Plan on our end. Please reference the Plan ID to ensure efficient and accurate processing. The Plan ID will be shown in the Review & Submit page before the order has been submitted as well as the Review Summary page once the order is submitted. You can also find it on the Plan tab for each Plan on your Amplify account.

If there are residual funds after an order has been processed, reach out to PenChecks for details on accommodating residual processing.

This fee can be sent by check, wire, or ACH. You can also request a link to pay by Credit Card. The fee can also be removed from the Master Credit Account. 

Yes, as long as the check is endorsed to PenChecks Trust Company of America by the trustee.

If funds are received as a check, it will be held for 5 business days before we can begin processing. Otherwise, check to make sure the amount PenChecks received balances to the penny with the amount required for the pending distributions. If you are still unsure, please contact us by email Info@penchecks or call 1-800-541-3938.

Funds remittance instructions can be found on the Help tab under Instructions for Payments to PenChecks.

There is a 5-business day hold on all inbound checks to ensure they properly clear the system, which cannot be waived.  

No, generally PenChecks cannot associate funds to Order Lines if the available funds do not match the required funds to the penny. If there are extenuating circumstances, contact PenChecks Client Experience at info@penchecks.com with details of your request.

No, there is no maximum amount you may have in your credit account.

No, there is no minimum amount requirement for your credit account. However, if you have any Order Lines that have the fees paid by the Master Account, they will not process if there is insufficient funding in your Credit Account.

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 participants’ payments at different times, we recommend that you send separate deposits in order to avoid any delay in processing.