Plan Participants

Distributions processed by PenChecks are the fastest and most efficient in the industry. We use First Class mail service by the USPS and perform automatic daily mail audits to verify all payments are accounted for. Our standards of processing and personalized service for Plan Advisors (TPAs) and Plan Sponsors ensure that distributions don’t get held up and that funds do not sit in our Trust account. Upon request, PenChecks can expedite the delivery of any paper check as well as make distribution payments via wire or ACH. Finally, PenChecks automatically performs searches for any participant mail or correspondence that is returned as “Undeliverable” with no forwarding address. PenChecks makes every effort to locate participants and ensure that the best possible contact information is being used to get in touch with them.

Participants of distributions processed by PenChecks also get to take advantage of our proprietary Online Participant Benefit Election Website. Rather than having to sift through a daunting package of paper with lots of small print, participants can make their benefit elections and authorized them all in one user-friendly, fast web session. Participants can select the type of distribution, the method of payment and even the delivery method all online to ensure the greatest flexibility and convenience for the participant. Participants can access all required government notices and information in an online environment and print copies for their records should they choose to.

Participants of distributions processed by PenChecks have full access to both our corporate website and Online Participant Benefit Election Website and all of the information contained therein in order to help them make an informed decision about their distribution benefit election. All participants also have toll-free access to the PenChecks Client Service Specialists Call Center. Participants can use this direct resource have any question about their benefit election forms and submission answered. Finally, PenChecks’ Client Service Specialists are available to answer questions about distribution processing in general as well as the requirements of each kind of distribution.

If a participant is desirous of rolling their distribution benefit over to an IRA in order to take advantage of the favorable tax treatment but does not have a personal IRA account already set up, they can take advantage of the Rollover Systems Network provided by Wealth Management Systems that is directly linked into the PenChecks Online Participant Benefit Election Website. In the same web session, prior to making their benefit election, a participant can shop, view and select from a myriad of IRA providers who will accept their rollover balance. The requisite information is automatically transmitted and populated for the participant so they may then complete their benefit election and roll their funds over.

PenChecks takes participant retirement distributions and their protected nature very seriously. In the event that participant lump sum cash distribution checks go uncashed, rather than taking the easy way out and escheating those funds to the State of last origin (which PenChecks maintains is illegal and can then bind a participant’s money up in endless paperwork and red tape), PenChecks automatically restores the taxes to these original distributions, thus restoring the tax-favored qualified status of these funds and then opens up Missing Participant IRA accounts to be held in suspense until such time as that participant resurfaces or can be located. The PenChecks Missing Participant IRA is something that is unique to PenChecks. These accounts are FDIC insured, interest bearing accounts for the participant and are record-kept and maintained for the benefit of the participant, again until they resurface, can be found or reach age 70 ½ and Minimum Required Distributions are required to be made. PenChecks takes its responsibility to its clients and participant distributees very seriously and goes to great lengths to be the industry leader and innovator in distribution processing.