Content on this page requires a newer version of Adobe Flash Player.

Get Adobe Flash player

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

Distribution Services

Payment Processing (Check Only)

How much time and resources have you exhausted worrying about withholding federal and state taxes properly, remitting such taxes in a timely manner, and filing the correct tax forms (i.e. 945, 1099R, 1096, CA DE6, NYS-45, NJ927, OR-OQ, etc)on a semi-weekly, monthly, quarterly, or annual basis? Are you tired of monitoring returned, undeliverable, or uncashed participant payments? Have you had enough fun every January with issuing 1099Rs to participants? Outsource all of these functions and more to PenChecks with the Payment Processing (Check Only) Distribution Service. We are the professionals and we have developed a simple and fast solution for Plan Providers, Plan Administrators, and Plan Sponsors to make lump sum or rollover distributions from a pension plan so these parties can focus more time and energy on their core business functions. PenChecks Payment Processing (Check Only) Distribution Service provides the following services:

  • Notify Plan Provider, Administrator, or Sponsor via email upon receipt of plan assets.
  • Make lump sum or rollover distributions via Check, Wire, ACH or Cash Card according to the instructions provided by the Plan Provider, Administrator, or Sponsor.
  • Withhold mandatory/voluntary Federal and State taxes properly, remit withheld taxes to taxing authority in a timely manner, and file all necessary Federal and State tax returns (i.e. 1099R, 945, 1096, etc).
  • Monitor and resolve all returned/uncashed disbursements. Perform address searches as needed to obtain current participant contact information.
  • Provide 24/7 online access to PenChecks Online Distribution Software, Benepay, to review history, monitor distribution status, generate reports, or make additional distribution requests.
  • Access to 1099Rs copies upon request.

All you need to do to get started is:

  1. Register your Plan at www.benepay.net , there is no fee and it takes approximately 10 minutes.
  2. Liquidate the plan assets and send to PenChecks (See Check/Wiring Instructions).
  3. Provide PenChecks with basic participant and benefit election information by creating a Payment Processing (Check Only) Distribution Request under your Benepay Account. 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.