Please click the links to the right to learn about the services PenChecks offers.
IRA Services (Auto Rollovers)
Default IRAs
A Default IRA (Auto Rollover) allows Plan Sponsors to rollover a terminated participant’s account balance to an IRA on the participant’s behalf because the participant is non-responsive to requests to remove their account balance from the plan. Plan Sponsors can avoid unnecessary retirement plan administration costs, reduce a plan trustee’s fiduciary exposure, and protect participants’ deferred tax status through use of a Default IRA. A Default IRA should only be established for ongoing (non-terminating) qualified pension plans where the participant account balance is less than $5,000. To learn more how Default IRAs (Auto Rollovers) benefit Plan Providers, Administrators, Sponsors, and Participants and more details about Department of Labor Participant Notification Regulation and Safe Harbor Requirements, click here.
PenChecks has the expertise, knowledge, and technology to establish Default IRAs in a simple effective manner. We are the experts and we pioneered the Auto Rollover concept. We have developed a process through years of experience that is beneficial to Plan Providers, Administrators, Sponsors, and Participants. PenChecks Default IRA (Auto Rollover) program is:
- Department of Labor Safe Harbor Compliant.
- Follows Department of Labor Participant Notification Regulations.
- Reduces unnecessary Plan Sponsor expenses – all fees can be charged to participants’ accounts.
- Limits Plan Trustee fiduciary exposure.
- Registers the non-responsive participant with the National Registry of Unclaimed Retirement Benefits.
- Protects the qualified status of non-responsive terminated participants’ retirement account.
- Services the non-responsive participant upon contacting PenChecks to collect their account balance and more...
To read more about the details of PenChecks Premier IRA Service or establish a Default IRA with PenChecks click here.
PenChecks IRA Reward Program
If you are a non-fiduciary (Administrator/Advisor), sign up today for our IRA Reward program. PenChecks will pay you a “Reward” for those Missing Participant (Auto Rollover) IRAs established with PenChecks. IRA Reward Program
