PenChecks simplifies the force-out process using its Enhanced IRA service. This includes all features in their Express IRA service plus missing participant address searches and mailing the mandatory 30-day participant distribution notice. When participants don’t respond, PenChecks moves the accounts to an Automatic Rollover IRA, eliminating the need to manage uncashed checks. PenChecks conducts advanced participant searches for missing participants, performs all IRA administration and participant interaction, including 1099-R and 5498 filings, and processes required minimum distributions.
Acuff now easily moves hundreds of small accounts out of client plans each year with little to no involvement from the plan sponsor. All Green has to do is upload participant data to PenChecks so they can pay out the account balance, and upload missing participant data to the recordkeeper so PenChecks can establish the Rollover IRA. Plan sponsors can keep their plans clean and no longer have to manage uncashed checks. Green estimates PenChecks reduces her administrative workload by 100 hours a year.
Acuff has also used PenChecks’ Premier Distributions services with an ESOP company that terminated its plan. Green sent all the plan assets to PenChecks for processing. PenChecks seamlessly handled all participant contact, collected benefit elections, processed the distributions and tax reporting, and established Automatic Rollover IRAs for non-responsive participants. PenChecks completed all payouts before year’s end, allowing the Form 5500 to be filed in the year the client terminated the plan.
PenChecks provides very timely and efficient services. They are very responsive to questions, and the help is always there when you need it. If you get stuck on something PenChecks doesn’t expect you to figure it out all on your own. Someone is there to walk you through the whole process and make it as easy as possible for you.
Linda Green, Relationship Manager
Acuff & Associates