The COVID-19 virus is disrupting business in ways none of us could have anticipated. During this difficult time, PenChecks is fully prepared to support you in keeping your business operating as smoothly as possible.
Is PenChecks® open for business during the COVID-19 pandemic?
Absolutely. Our regular hours of operation – 7:00 a.m. to 5:00 p.m. PST, Monday through Friday – will remain in effect throughout this challenge.
Will PenChecks experience any service interruptions?
Our robust Business Continuity Plan enables us to continue all operations during this challenging time – even when working remotely, as many employees are currently doing. And that includes making sure our teams have the tools and technology they need to continue providing our services and that all client data remains safe and secure.
Will PenChecks’ Amplify Portal continue to be operational?
Yes. Our proprietary Amplify is available to all PenChecks clients 24/7. Its highly redundant infrastructure allows you to continue performing many of the account management and administrative tasks vital to your business without any interruptions.
How is PenChecks handling COVID-19 from a safety standpoint?
Our first priority is the health and well-being of our employees. We have adopted all CDC-recommended procedures to prevent the spread of the virus within PenChecks. This includes having employees work from home and performing regular environmental cleaning in our offices.
We also have a PenChecks Response Team of senior officers who are actively monitoring information from the World Health Organization (WHO), the Center for Disease Control and Prevention (CDC), and federal, state, and local agencies to ensure we are aligned with their actions and recommendations.
Is COVID-19 impacting travel for your Regional Directors?
In the interest of safety, we are currently limiting travel only to emergency situations. We will be using teleconferencing technology to virtually meet face-to-face with our clients.
Can PenChecks help clients who are experiencing staff shortages?
Yes. We can perform back office processes for your business to help fill in the gaps. Our Premier/Full Service web page provides an overview of these services.
The ability to manage plans and efficiently distribute funds is now more important than ever. PenChecks is working hard to minimize any disruptions to our business and to yours. During this challenging time, please know that we are here to support you any way we can.
If you have any questions, please call us at 800.541.3938.
Individual (plan participant) FAQs
The COVID-19 outbreak is impacting many individuals in a financial way, especially those who are dependent upon their retirement incomes. PenChecks is open for business and available to answer questions you may have beyond these FAQs.
Will my retirement distribution payments be interrupted by the COVID-19 pandemic?
That depends on your current or former employer. As long as they provide us with the distribution data and funds in a timely manner, PenChecks will issue the payments as usual.
Will I have access to my retirement funds during the COVID-19 pandemic?
Generally speaking, yes. Federal law governs when you can take a distribution from your retirement plan – upon your retirement, death, disability, or termination of employment, or by a Plan loan if loans are allowed by your Plan, and for certain other situations called “Hardship Distributions”. Please contact your Plan Administrator for more information about Hardship Distributions or Plan loans as those are administered by the Plan, not PenChecks.
Additionally, legislation is currently pending to allow distributions specifically related to or caused by the COVID-19 challenge, such as you or your spouse or a dependent being diagnosed with COVID-19, or being quarantined, furloughed, laid off or having work hours reduced because of COVID-19. This legislation is pending but moving fast through Congress, and is anticipated to become law in the near future. Again, please check with your Plan Administrator to find out exactly what your Plan allows.
Regardless, if you take a distribution from your Plan account our proprietary Amplify makes it easy and speeds up what is otherwise often a slower process.
Is PenChecks able to help in any other way during these unusual circumstances?
Yes! To assist during this challenging time and to help provide the fastest access to needed funds, PenChecks is waiving ACH and Wire fees on all Hardship and Loan distribution requests. If you need funds fast and don’t want to wait for a check to be mailed, there will be no additional fees charged for these electronic direct deposits.
Who should I call if I have any questions about my retirement account?
Please call our toll-free customer service number, 800.541.3938. Despite the unusual current circumstances, we are committed to you, and our Client Experience agents are standing by to help.
0 Comments