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Frequently Asked Questions (FAQs)

FAQ Guide

Use the quick links below to jump to the FAQ section you need.

General FAQs

Who is Mid Atlantic Trust Company?

Mid Atlantic Trust Company is a South Dakota chartered non-depository Trust Company that serves as trustee or custodian on retirement and other investment plans. AmericanTCS works with various third party administrators and recordkeepers.

Why are you pulling funds from my bank account?

As the custodian for retirement plans we receive retirement plan contributions. Please contact the third party administrator or recordkeeper of your retirement plan for more information.

I was not aware my retirement account was sent to you , what now?

Call us, and we can assist with locating the account. Prior to calling, please have the following information to help us to locate the account.

  • Exact amount that was sent
  • Check #, if applicable
  • Date on check or date payment was sent

I received a check from you, how do I verify that the check is good to cash?

Call 1-800-693-7800 and ask for MATC Cashiering.

Tax FAQs

What is a 1099-R and why did I get one from MATC?

The form 1099-R is a statement of distribution from a pension, retirement, profit-sharing plan or IRA account. If you received a 1099-R from Mid Atlantic, there was a distribution or rollover processed for you in the previous tax year. Please consult a qualified tax advisor on how to include the information from your 1099-R with your tax return. If you have additional questions about your distribution, please contact your financial advisor, the recordkeeper for your retirement plan, or the third party administrator of your retirement plan. If you are unsure of who that is please contact us, and we can provide that information.

What is a 5498 and why did I get one from MATC?

The form 5498 is used to report contributions to an individual retirement account (IRA), including catch-up contributions, rollovers and force out deposits. It also includes the fair market value (FMV) of your IRA. If you received a form 5498 from Mid Atlantic Trust Company you had an open IRA for your benefit in the previous tax year.

I rolled funds over, why did I receive a 1099-R?

Form 1099-R is used to report rollovers from retirement plans and IRAs to the IRS. Refer to the distribution code in box 7 to determine if your 1099-R is for a rollover. If it shows a ‘G’ or ‘H’ your distribution was a rollover. Please consult a qualified tax advisor on how to include the information from your 1099-R with your tax return. If you have additional questions about your distribution, please contact your financial advisor, the recordkeeper for your retirement plan, or the third party administrator of your retirement plan.

I have a question about my tax form, who should I contact?

Please contact your financial advisor, the recordkeeper for your retirement plan, or the third party administrator of your retirement plan. Their phone number is usually listed on the bottom of your tax form.

I received a tax form, what do I need to do with it?

Mid Atlantic is not qualified to give financial advice. We suggest you consult with a qualified tax professional to determine how you should report the information on the form you received.

Qualified Termination Administrator (QTA) FAQs

I received a Notice of Plan Termination, what does this mean?

Per the Department of Labor, if a retirement plan is determined to be abandoned all participants or beneficiaries in that plan must be notified of their options. You can withdraw your funds from the plan within 30 days of your receipt of this letter. If you do not withdraw your funds, they will be rolled over into an IRA for your benefit until you claim them. Please refer to the letter for additional information about fees and distribution options.

My former co-worker received a Notice of Plan Termination letter, but I did not, how can I determine if I have funds to claim?

Please contact our IRA Services team at (888) 461-2224 or [email protected]. Please be prepared to provide the name of the plan, your full name and the last four digits of your social security number.

My retirement funds were sent from a previous retirement plan to Mid Atlantic, how can I locate and withdraw those funds?

Please contact the Mid Atlantic Cashiering team at (800) 693-7800 or [email protected]. Be prepared to provide the exact dollar amount sent to Mid Atlantic, the date of the transaction and the name of the retirement plan the funds were sent from. This information will help us to locate your funds and provide next steps.

Stale Check Outreach FAQs

What is a stale or uncashed check process?

We launch an address search and letter-writing campaign to ask the individual to complete a form to direct a stop/reissue of the check.

  • This form can be provided to the TPA if you choose.
  • There is a $35 fee assessed from the proceeds of the check when we reissue.
  • We allow 90 days for this process before moving the uncashed check forward in our process.

Why is there a fee if I never got the funds?

This fee covers the stop payment/void of the original check and the reissue of the new check.

How do I get my money?

Please complete the Request for Distribution form you received with the letter using your current information. Return the completed form to [email protected] (preferred option) or via mail to the address listed on the form.

I sent my form in, when will I receive the new check?

Once we receive the completed form, our normal processing time is 2-3 business days. The checks are mailed standard USPS and take an additional 3-5 business days for delivery.

How do I find out if I have more money in my account?

You will need to reach out to the third party administrator of your plan/account. We can provide you with their contact information. MATC is the custodian and does not have any participant level information.

What if I don’t complete the form?

After the stale check outreach process has been completed, all checks that are still stale will be rolled over to an IRA on our platform (if eligible). All ineligible checks will remain in our stale check process until they are eventually escheated to the state they were mailed to.

Why did I receive the original check?

You will need to reach out to the third party administrator of your plan as they initiated your original distribution. We can provide you with their contact information if necessary. MATC is the trustee/custodian for the plan and does not have participant level information.