Please click the links to the right to learn about the services PenChecks offers.
Distribution Services
Recurring Benefit Payments
Looking for a simple and easy solution for your recurring or periodic payments to plan participants? PenChecks’ Recurring Benefit Payment Distribution Service provides Plan Providers, Administrators, and Sponsors with timely payments to participants, appropriate federal and state tax withholding, timely remittance of taxes to tax authorities, proper filing of tax returns (i.e. 945, 1099R, 1096), quarterly death audits and much more. Payments can be made on a monthly, quarterly, biannual, or annual frequency via ACH or paper check. PenChecks will invoice the plan on a recurring basis for the benefits to be paid and PenChecks does the rest. With this service, PenChecks allows Plan Providers, Administrators, and Sponsors to focus their resources on their core business rather than worry about whether or not their retirees receive their annuity payment. PenChecks’ Recurring Benefit Payment Service includes the following services:
- Invoice the TPA/Plan for distribution funds Quarterly or Monthly.
- Provide for Monthly, Quarterly, Semi-Annual, or Annual pay frequencies.
- Individual or Bulk upload of initial plan and participant information.
- Disbursement of funds to plan participants via Check, ACH or Cash Card according to initial registration.
- Withhold Fed /State taxes, remit taxes to taxing authority, and file all necessary Fed/State tax returns (i.e. 1099R, 945, 1096, etc).
- Perform Quarterly Death Audits and Provide an annual participant tax withholding inquiry.
- Monitor and resolve all returned/uncashed disbursements. Perform address searches as needed.
All you need to do to get started is following the step-by-step instructions on our Recurring Benefit Payment Guide.
