Plan Sponsors

No matter what type of distribution - lump sum, rollover, default participant, missing participant, recurring benefit payment, hardship withdrawal, return of excess contribution, in-kind distribution, etc. - PenChecks can process the payment on your behalf. We can even process many foreign retirement plan distributions. We are experts in the services we provide and our clients benefit from knowing that they will never have to look elsewhere to any kind of distribution processed.

As a Plan Sponsor you’ve got a lot to worry about - namely your core business focus. You’re not in the business of retirement planning and the tricky and complicated distributions that inevitably accompany retirement plans. Thus you rely on good professionals and partner companies that are going to steer you in the right direction and offer you the best value possible. At PenChecks we have trained and certified Client Service Specialists who are ready to help. We assist Plan Sponsors in making the right decisions and avoid costly mistakes. Whether you need to process just one distribution or terminate an entire plan, PenChecks gives you peace of mind knowing that all the distributions are going to be handled accurately and timely.

As a Plan Sponsor, when processing retirement plan distributions you ultimately have the responsibility for making sure it is done properly - which includes accurately and timely remitting and reporting tax payments to the Federal government and State agencies. Failure to do so can result in staggering fines and a mess of red tape in order to correct. When our Plan Sponsor client partners use PenChecks to process their distributions we report and remit all required taxes from our Trust account and use our Trust Tax ID number. Thus, we can deal with the IRS and Department of Labor directly on issues stemming from any irregular accounts or inquiries.

When processing distributions PenChecks can also take the responsibility of ensuring that all proper notification and forms are distributed to each participant. PenChecks uses state-of-the-art online technology to offer the fastest possible and most efficient delivery of all participant notices as well as collection of participant benefit election information. Upon requested by the Plan Sponsor or participant, PenChecks can mail paper forms, email communication and make use of additional delivery options such as sending certified mail and/or express delivery.

In addition to handling all required participant communication, as part of our distribution services, PenChecks offers extended assistance to the Plan Sponsor and its Participants at no additional charge. Our toll-free call center is open every business day and fields phone calls for everything from A to Z. We’re here to clarify and make sure that Plan Sponsors know and understand what their rights and obligations are under the law while at the same time, field all participant phone calls so the Plan Sponsor doesn’t have to be bombarded with them. Inevitably when distributions are being processed, participants will have questions. PenChecks alleviates the burden of having to deal with those inquiries so you can keep doing what you do best - work on your business.