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iJoin and PenChecks Automate Force-out IRA Processing

by | Mar 12, 2021

The new seamless integration improves operational efficiency and client service year-round

Contact: Deanna Fisher
Media Relations, GSM Marketing
Office: (904) 565-2959
deanna.fisher@gsm.marketing

Scottsdale, AZ (March 16, 2021): LDI-MAP (d.b.a. iJoin) and PenChecks Trust® announced today a seamless integration to process force-out IRA’s from 401(k) and other qualified retirement plans. The automated workflow identifies and confirms potential distribution candidates, performs required address verifications and notification mailings, and, importantly, sweeps funds to open new force-out IRAs for individuals who did not roll over their balances or request a distribution.

ERISA provides for a force-out distribution and rollover to an IRA for terminated participants with vested balanced under $5,000. Traditionally, this process has been labor-intensive and cost-inefficient for recordkeepers. As a result, many have handled this task less frequently than would be optimal from a workflow or customer service perspective.

This innovative new automated solution – available today for iJoin users with the ACT Module enabled who have engaged PenChecks to perform distribution processing – enables faster, more efficient processing to enhance productivity and customer service.

iJoin’s CEO Steve McCoy said of the new partnership and integration, “iJoin and PenChecks are two organizations that exist to innovate to make retirement plans work better for those who benefit by them as well as those who serve them. This integration with PenChecks improves service quality by recordkeepers while helping them maintain compliant processes and improve internal efficiency.”

PenChecks President and CEO Spiro Preovolos added “iJoin’s recordkeeper data integration complements our technology and enables the full automation of the force-out IRA process from initial screening to new account funding. It’s an important component of evolving internal workflows and we’re excited to partner with iJoin to bring this to our industry partners.”

For more information:

iJoin customers, please contact Chip Moore at cmoore@ijoinsuccess.com
PenChecks customers, please contact Scott Okrasinski at sokrasinski@penchecks.com


About LDI-MAP, LLC (dba iJoin)

The iJoin team is committed to personalizing retirement success™ and making it easy for millions of savers to get on a path to better retirement outcomes. As a financial technology partner to the retirement plan industry, iJoin’s goal-based retirement plan enrollment experience helps people immediately understand their retirement funding need and encourages action to get on track. iJoin supports financial advisors and recordkeepers with actionable data and tools to more effectively engage both employers and their employees. LDI-MAP (d.b.a. iJoin) is a registered investment advisor with the State of Arizona – 14646 N. Kierland Boulevard, Suite 125 Scottsdale, AZ 85254. Learn more at ijoinsuccess.com.

About PenChecks Trust

PenChecks Trust Company of America (PenChecks Trust) is a state-chartered, non-depository trust company and the largest independent provider of outsourced Benefit Distribution Services and Automatic Rollover IRAs and Missing Participant IRAs in the country. With over 25 years in business, the PenChecks family of companies (www.penchecks.com) is an expert and industry-leading provider of unique and comprehensive solutions for a myriad of Trust Resolution issues. Services include automated and branded solutions for Benefit Payment Processing, Uncashed/stale dated checks, Abandoned Plan/QTA services and Taxable Savings Accounts. Customers include Institutions, Third-Party Administrators, Advisors, and Plan Sponsors.

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