SAN DIEGO, CA, June 10, 2020 — The Board of Directors for PenChecks, Inc., a leading provider of retirement plan distribution services, announced today that company President Spiro G. Preovolos has been elected as the new CEO. Prior to his role as President, Preovolos held a variety of other senior management and leadership positions at the company over the past 18 years. During that time, he has helped drive double-digit revenue growth while leading marketing, sales, business development and product development teams.
“Spiro has proved himself to be a highly capable manager and leader in every position he has held at PenChecks,” says Board Member Jeff Kukowski. “His broad experience in the business and in-depth knowledge of the retirement industry make him ideally suited to assume the mantle of CEO. The PenChecks Board is confident Spiro will continue the company’s growth and success even as the landscape becomes increasingly regulated and competitive.”
The company also announced the retirement of company co-founder and CEO, Peter E. Preovolos. He will remain an active board member and become Chairman Emeritus. Preovolos launched PenChecks 25 years ago, and built it into the largest independent provider of retirement distribution services in the country. Known as a pioneer in the industry, he introduced many game-changing product and service innovations, including the first Missing Participant IRA program in the U.S.
Preovolos began his career in the employee benefits industry in 1966, working for Wells Fargo Bank and later Southern California First National Bank in various senior management positions related to benefit trust administration, asset management services and employee benefit services. In 1979, he left the banking industry and started Alpha & Omega Financial Management Consultants, Inc., a third-party administration (TPA) and asset management firm.
In the early 90’s, Preovolos identified an unfulfilled need in the rapidly growing retirement planning industry – the ability to process retirement plan distributions in a timely and efficient manner. In 1994 he joined forces with 20 other TPA service providers to form PenChecks, Inc., and was elected President of the new business. Today, the company is one of the most respected service providers in the industry, processing billions of dollars a year in retirement distributions.
“Peter is the classic entrepreneur,” says Board Member Don Trone. “He saw a need and built a company that does an excellent job of fulfilling it. He’s a dedicated problem solver, always looking for new and better ways to improve processes, and he instills that attitude in everyone who works at PenChecks.”
A Legacy of Innovation and Responsibility
As CEO of PenChecks, Preovolos developed a culture that values innovation and problem-solving. His many innovations included the first Missing Distributee™ service to resolve uncashed retirement checks, the first independent online benefit election processing experience for plan participants, and P3, an online portal that set the industry standard for streamlining distribution processing.
Preovolos was also one of the first to raise red flags about the growing problem of unclaimed retirement plan assets. This led to the development of PenChecks’ Missing Participant services, which were designed to help locate missing participants, reunite them with their money, and assist plan sponsors in properly managing unclaimed assets.
In furtherance of this endeavor, Preovolos created the National Registry of Unclaimed Retirement Benefits (NRURB), a nonprofit website where former employers can post left-behind retirement assets and former employees can search for these funds. PenChecks operates this site at no cost to employers or former plan participants.
Preovolos was also the first to support educational scholarships for industry professionals to earn valuable accreditations. In separate partnerships with the National Institute of Pension Administrators (NIPA) and the Society of Pension Professionals & Actuaries (ASPPA), PenChecks contributes more than $20,000 a year to support nine scholarships to earn the Accredited Pension Administrator (APA) designation and six for the prestigious Qualified 401(k) Administrator (QKA) credential.
“What makes Peter so effective as a leader is, he always sees the big picture,” says Trone. “He understands that advancing the industry as a whole benefits everyone who works in it. I’m proud to sit on the PenChecks Board of Directors, and the best way I can honor Peter’s legacy is by ensuring PenChecks continues to live the values he believes in.”
Very active in the San Diego community, Preovolos sat on the Sharp Grossmont Hospital foundation board for nearly 10 years, serving as president for one term. He also assisted in leading the city of San Diego’s retirement system out of its financial and legal difficulties during the early 2000’s.
In retirement, Preovolos intends to pursue another dream he has long held – establishing a nonprofit foundation to teach financial literacy throughout the U.S. to children and young adults. Through this foundation, he plans to provide the education and motivation Americans need to start saving for retirement at an early age. PenChecks will release more information about this foundation in the second half of 2020.
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.