1. Why can’t you reissue my check?

The SteelPath Fund Remediation, LLC distribution process is closing according to a pre-determined schedule. As noted on the www.steelpathfundsremediation.com customer care website, the check-reissuance period closed effective October 11, 2022. The check-cashing period will end on November 14, 2022. Any check NOT cashed by close of business on November 14, 2022 is considered forfeited. Outstanding checks will be VOIDED and you will NOT BE ABLE to claim funds in the future.

2. Why did I receive this check/payment?

Invesco is making remediation payments to eligible shareholders of the SteelPath MLP Funds whose accounts were determined to have suffered a loss that exceeded $25 as a result of the overstatement of the net asset values (“NAVs”) in the Funds during the remediation period from December 1, 2014 to March 6, 2020.

3. What are the SteelPath MLP Funds (the “Funds”)?

4. Why did I receive multiple checks?

Checks are issued to eligible shareholders at the account level per fund, therefore if you were a shareholder in multiple funds, you may be eligible to receive multiple checks. Additionally, if you had an account transfer from one dealer or custodian to another, you may receive two checks as applicable to each account with each dealer or custodian.

5. What are the payments intended to remediate?

On March 11, 2020, Invesco announced that it would be restating financial statements for the Funds after it was determined that the historical accounting treatment related to the deferred tax assets (DTA) in the Funds was not consistent with applicable accounting standards and resulted in an overstatement of each Fund’s NAV. The remediation methodology recalculates historical shareholder activity at the corrected NAV throughout the error period and includes an interest adjustment reflective of time value of money. The payments are intended to remediate shareholders of the Funds between December 1, 2014 and March 6, 2020 (the “Remediation Period”) who have been determined to have suffered a loss as a result of the overstatement of a Fund’s NAVs. Shareholders eligible for Distribution payments are referred to as “eligible shareholders”.

6. What is the Remediation Period for those who may have been impacted by this remediation?

The Remediation Period is between December 1, 2014 and March 6, 2020.

7. Why don’t I see Oppenheimer in the fund name?

On May 24, 2019 Invesco acquired the Oppenheimer Funds. Since that time, the Funds have been renamed to remove “Oppenheimer” from the name. Prior to May 24, 2019, the Funds were referred to as the Oppenheimer SteelPath Funds.

8. What if the amount of the distribution is very small?

The minimum distribution amount is $25.00. Amounts less than $25.00 will not be distributed.

9. Who calculated the remedial amounts?

Invesco, working in consultation with its external consultants and advisers developed a remediation allocation methodology. Invesco’s third party administrator calculated and determined remediation payments.

10. What is my payment amount comprised of?

The payment to eligible shareholders will contain two components: a capital component and an interest component. The Statement to Eligible Shareholders provides information to help you and your tax advisor determine the U.S. federal income tax consequences of the payment if you are a citizen or a U.S. resident for U.S. federal income tax purposes.

11. What if I did not receive a payment but believe I should have. What should I do?

To be eligible for a remediation payment, shareholders must have been invested in the Funds between December 1, 2014 to March 6, 2020 and have been determined to have suffered a loss as a result of the overstatement of a Fund’s NAVs and the loss must exceed $25. If you believe you should receive a check and did not, or you do not agree with the amount you received, please send a letter along with any supporting documentation, via fax, email, or mail (as noted on the Contact Us page of this website).

12. Is this a real check? Am I obligated to do anything if I cash this check?

This is a real check. By cashing this check you are not obligating yourself to do anything. You received a payment because you have been identified as an eligible shareholder. The check you receive is payment in full for your portion of the remediation payment as satisfaction of any claim you may have in connection with this matter. Check Letter Sample

Note: Please consult with your tax advisor to determine the tax consequences of cashing the check that you received, including the appropriate tax treatment for your particular situation.

13. My check(s) has been lost/destroyed. What should I do?

We can issue a replacement check on or before October 11, 2022. Please contact us immediately to have your payment reissued.

Please note, if we place a stop on the original check in response to your request, your original check will no longer be valid. If you subsequently locate the original check, please do not try to cash it as a stop has been placed on this payment. Presenting a check that has been stopped may result in a service fee charged by your own bank to your bank account. Neither SteelPath Funds Remediation, LLC nor SS&C are responsible for any charges incurred as a result.

It will take approximately 7-10 business days before you will receive the replacement check.

14. How long do I have to cash this distribution check?

The check-cashing period will end on November 14, 2022. Any checks NOT cashed by close of business on November 14, 2022 are considered forfeited. Outstanding checks will be VOIDED and you will NOT BE ABLE to claim funds in the future. Checks not presented for payment on or before November 14, 2022 will be marked void at the disbursement bank. Please DO NOT try to negotiate a check after November 14, 2022 as the payment will not be negotiable and your bank may charge your account a fee for presenting a void check. Neither the SteelPath Funds Remediation, LLC nor the fund administrator will be responsible for fees that your bank may apply to your account.

15. What happens if I do not cash this check?

Monies that are not cashed or otherwise negotiated may be forfeited at the completion of the distribution.

16. Can I reinvest this money at NAV with Invesco?

Yes. If you choose to redeposit your remediation check directly into your Invesco account, you will be eligible to purchase class A shares at NAV so long as you include instructions notifying the fund or your financial intermediary that you wish to purchase class A shares at NAV and qualify as a result of this remediation.

17. I have an IRA/retirement account. What are the tax consequences for me?

You should consult with your financial advisor or tax professional prior to cashing this check to determine the potential tax consequences and appropriate tax treatment for your situation.

18. I am over 72 and received this payment because of my IRA. Is this counted as part of my Required Minimum Distribution (RMD)?

You should consult with your financial advisor or tax professional prior to cashing this check to determine the potential tax consequences and appropriate tax treatment for your situation.

19. Can the check received offset my RMD and allow me to keep more funds in my retirement account?

You should consult with your financial advisor or tax professional prior to cashing this check to determine the potential tax consequences and appropriate tax treatment for your situation.

20. I received a check made payable to “Current Custodian”. What do I do with this check?

Forward this check with a signed letter of instruction to your current custodian, instructing them to deposit the proceeds as a transfer of assets into your retirement account. As this is part of the SteelPath Funds Remediation payment, this will not count towards your annual contribution limits. Be sure to include your current custodian account number with the correspondence and check your custodian statements to ensure that the payment has been credited to your account.

21. I received a check made payable to Custodian (IRA only). What do I do with this check?

If your retirement account is still with the custodian listed on the check, forward this check with a signed letter of instruction to your current custodian, instructing them to deposit the proceeds as a transfer of asset into your retirement account. As this is part of the SteelPath Funds Remediation payment, this will not count towards your annual contribution limits. Be sure to include your current account number with the correspondence.

22. What is a custodian?

A custodian is an agent, bank, trust company or other organization that holds and safeguards an individual’s, mutual funds, or investment company’s assets for them.

23. What are the consequences of cashing a check made payable to my custodian (IRA only)?

You will not be able to cash this check as it is currently written because it is made payable to your custodian for your benefit.

If your retirement account is still with the custodian listed on the check, forward this check with a signed letter of instruction to your current custodian, instructing them to deposit the proceeds into your retirement account. Be sure to include your current account number with the correspondence.

You should consult with your financial advisor or tax professional to determine the potential tax consequences and appropriate tax treatment for your situation.

24. What if I have changed my custodian?

You may have the check issued to your new IRA custodian.

We will reissue the new check to you so you can forward it to your current custodian instructing them to deposit the proceeds as a transfer of asset into your retirement account. As this is part of the SteelPath Funds Remediation payment, this will not count towards your annual contribution limits. Be sure to include your current account number with the correspondence.

25. Can I request that my IRA check be made payable to myself?

If you wish to have this check made payable to yourself, the following is required:

  1. A signed letter of instruction requesting it be made payable to you. In your letter of instruction please include your date of birth,
  2. A completed Reissue IRA to Individual Distribution Form if the check is $600 or more.
  3. Your check with “VOID” written on it,
  4. Send this information to the address located on the original check.

Please note that your original check has a 90 day void/stale date. Check re-issuances will only be allowed within the first 90 days from the original check date. All re-issued checks will display a 30 day stale date, and this stale date will not exceed the 120 days in total from the original check issue date. Checks presented for payment after the stale date has passed will not be honored. Bank fees charged to you by your bank for presenting a check(s) after the stale date are solely the responsibility of the presenter. Please allow 30 days from the date we receive your original request to receive the replacement check.

As always, you should consult with your financial advisor or tax professional to determine the potential tax consequences and appropriate tax treatment for your particular situation.

26. I received an IRA check made payable to a deceased family member. How can I have it made payable to myself?

If you wish to have this check made payable to yourself, the following is required:

  1. A signed letter of instruction (if the check is for $250 or more the letter must have a medallion guarantee/notary) requesting it be made payable to you. It is important that you include your date of birth and a completed Reissue IRA to Beneficiary Distribution Form if the check is $600 or more.
  2. In addition, if you are not the spouse of the deceased or the beneficiary of the IRA, we will require “Evidence of Appointment” which is legal documentation that indicated that you are the authorized party to handle the decedent’s estate. Such documents are Letters Testamentary, Court Order, Letter of Administration, Letter of Appointment or copy of Last Will and Testament appointing beneficiaries or a copy of the designated IRA beneficiary form.
  3. A copy of the deceased’s death certificate. If the check amount is greater than $250, the death certificate must be certified.
  4. Your check with “VOID” written on it.
  5. Send this information to the address located on the original check.

Please allow 30 days from the date we receive your original request to receive the replacement check.

As always, you should consult with your financial advisor or tax professional to determine the potential tax consequences and appropriate tax treatment for your particular situation.

27. I received an IRA check made payable to my deceased wife/husband/family member. How can I deposit it into my IRA?

If you wish to have this check made payable to your IRA, the following is required:

  1. A signed letter of instruction (if the check is for $250 or more the letter must have a medallion guarantee/notary) listing your current custodian, requesting it be made payable to your IRA,
  2. If you are not the spouse of the deceased, Letters Testamentary, a copy of the Will or a copy of the designated IRA beneficiary form,
  3. A copy of the deceased’s death certificate. (If the check is over $250 it must be a certified copy of the death certificate),
  4. Your check with “VOID” written on it,
  5. Send this information to the address located on the original check.

Please allow 30 days from the date we receive your original request to receive the replacement check. Forward this check with a signed letter of instruction to your current custodian, instructing them to deposit the proceeds into your retirement account

As always, you should consult with your financial advisor or tax professional because the rules related to transfers and rollovers are complicated and failure to comply with those rules could subject the payment to tax and a 10% penalty.

28. My investment was in a tax-qualified plan, what should I do with this check?

If the check was made payable to the plan administrator and mailed to you and you are:

  1. Still a participant in the tax qualified retirement plan, contact your Retirement plan administrator to coordinate the deposit of the check to your retirement plan.
  2. No longer are a participant in the tax-qualified plan but you are a Participant in another tax-qualified retirement plan, then you may affect a “direct rollover” to another eligible plan. The distribution must be rolled over within 60 days after receipt to be tax-free. Contact your plan trustee or administrator to coordinate the rollover.
  3. No longer a participant in the tax-qualified plan and you no longer are a participant in another tax-qualified retirement plan and you wish to have this check made payable to yourself, you will need to contact the Retirement Plan Trustee or Service Provider to negotiate the check you received. We are unable to reissue this check to you as it is considered Plan assets.
  4. If your plan is no longer active or has been abandoned, we will require the following:

Please consult with your financial advisor or tax professional to determine the potential tax consequences and appropriate tax treatment for your particular situation.

29. What is a Medallion Signature Guarantee and where can I get one?

A Medallion Signature Guarantee is a widely accepted way to protect you and the Funds by verifying the signatures on your request. Eligible participating members of the following programs may execute a Medallion Signature Guarantee: Securities Transfer Agents Medallion Program (STAMP); Stock Exchange Medallion Program (SEMP); and New York Stock Exchange, Inc., Medallion Signature Program (MSP). Many commercial banks, trust companies, credit unions, savings associations, brokerage firms, and registered broker-dealers can provide you with a Medallion Signature Guarantee. You should verify with the institution that it is an acceptable (eligible) guarantor for the Stamp2000 Medallion Program prior to signing the request. A Notary Public is not an acceptable guarantor.