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Please click the links to the right to learn about the services PenChecks offers.

Distribution Services

Benefit Elections

Save the headache of mailing benefit election forms to terminated participants, ensuring your benefit election forms are current with the latest DOL and IRS changes, monitoring participant responses, lost or returned mail, tracking down unresponsive or missing participants, and storage of participant benefit elections for audit purposes. Furthermore, with this service, PenChecks can also provide leads to Plan Brokers / RIAs to help Plan Providers and Administrators build stronger relationships with their Brokers and RIAs to grow their business. PenChecks Benefit Election Service is a simple and fast solution for Plan Providers, Administrators, or Sponsors to notify and request terminated participants to make their benefit election and collect their benefit election information. PenChecks will provide the following services under the Benefit Election Distribution Service:

  • Notify via email any Plan Broker/RIA that has been registered with PenChecks by a Plan Provider or Administrator of the pending distribution prior to notifying and requesting the participant to make a benefit election.
  • Notify plan participants of pending distribution via mail and direct the participants to PenChecks’ Participant Benefit Election Website to make their benefit election.
  • Provide participants 24/7 access to the PenChecks Benefit Election Website where participants can safely and securely log on using the PIN received in the notification letter, view their benefit and elect to rollover their funds to an IRA or new employer plan, take a cash lump sum, or create an IRA to rollover their funds into. Paper forms available upon request.
  • Monitor all participant notices and notify Plan Provider, Administrator, or Sponsor when a participant completes their benefit election or when a participant notice expires. Perform address searches and/or mail notification forms certified as needed for returned mail, unresponsive or missing participants etc.
  • Provide the results of the Benefit Election Process in a standardized format or on Institutional Specific Forms to Plan Provider, Administrator, or Sponsor. Currently available are John Hancock and ING.
  • 24/7 access to Benepay to review history, current status or notification/election, generate reports, or make additional requests

All you need to do to get started is:

  1. Register your plan with PenChecks at www.benepay.net there is no fee and it takes approximately 10 minutes
  2. Create a Benefit Election Distribution Request under your Benepay Account and provide PenChecks with basic participant information. This can be done by individual participant or in a bulk upload fashion.

You can always call our Client Service Center toll free at (800)541-3938 to get more information or assistance.