PenChecks, Inc. is the nation's largest independent qualified plan benefit distribution processing organization. We offer state-of-the-art, technology-based, affordable, professional and convenient solutions for plan sponsors, institutions and third-party administrators.

The procedures for reporting and processing retirement plan distributions is very complicated. Keeping personnel trained and prodecures current is costly and complex, making it increasingly difficult to have the right answers in an area where the law and existing regulations are constantly changing. PenChecks, Inc. offers highly efficient solutions to companies who are serious about providing premier distribution services to their clients and avoiding missed deadlines and non-compliance penalties.

WHY PENCHECKS?

PenChecks, Inc. is a firm that was designed by a group of industry professionals with many years of extensive experience in the benefits distribution field. Recognizing there was a serious need for the type of services PenChecks Inc. provides and given the complex and time-consuming nature of compliance and proper distribution, these principals performed extensive research and invested hundreds of thousands of dollars to develop software and service systems so that you wouldn’t have to. Pooled resources and a strict focus on distribution services allows PenChecks, Inc. to provide exceptional expertise in participant distributions. PenChecks, Inc. uses state-of-the-art web-based technology to make your processing seamless and efficient.

HOW IT WORKS

PenChecks, Inc. is in essence a highly sophisticated "clearing house" that reduces your paper work. Here's how easy the process is. When a retirement plan distribution is due because of:

•	retirement
•	death
•	disability
•	termination of employment
•	an in-service withdrawal
•	QDRO

you simply place the benefit distribution order(s) through our secure website, transfer the amount to be distributed to PenChecks, Inc.’s FDIC-insured custodial account and that’s it - you’re done! PenChecks, Inc. will take care of the rest. We’ll process all of the appropriate service(s) selected. This may include:

•	verifying the funds have been received
•	sending election forms to the participant(s)
•	assisting participants to complete their benefit election forms
•	upon receipt of the documentation from the participant, PenChecks, Inc. will issue the final distribution check
•	process any necessary or requested Federal and State withholdings
•	complete and distribute the year-end 1099R form for each participant
•	file the 1096 and 945 forms with the IRS as well as required State Agency forms when applicable

PenChecks, Inc. will do all of this so that you don’t have to. No more complicated, time-consuming tax filing and following up with existing and/or terminated participants.

THE SERVICE EDGE

At PenChecks, Inc., we're committed to providing all of our clients:

•	institutions
•	plan sponsors
•	third party administrators

with prompt, courteous and helpful responses. Each client receives an instructional guide and checklist that makes working with PenChecks, Inc. easy. As a user of Penchecks, Inc. services, you are able to go on-line, track the status of any order and print out a report of benefits paid for any period desired. Reports contain the following information:

•	participant or alternate payee name
•	amount
•	plan sponsor name
•	withholding amounts (if any)

When a Plan Sponsor / Trustee transfers distribution proceeds to PenChecks, Inc., the funds are safe. The PenChecks, Inc. Employee Benefit Distribution Trust Custodial Account is held with a registered FDIC insured banking institution. Furthermore, PenChecks, Inc. is a bonded company. All benefits are confidential and held separate from the assets and liabilities of PenChecks, Inc.