PenChecks Automatic Rollover IRA services reduces Sentinel’s workload by conducting participant searches, mailing participant withdrawal letters, and processing distribution transactions in the system. Accordingly, after the required waiting period for a participant to take action has passed, Sentinel transfers the small-balance accounts to PenChecks, which then establishes the Rollover IRA so Sentinel’s clients can easily remove the non-responding participants from the plan.
Sentinel relies on PenChecks Premier Distributions to reduce administrative tasks required to terminate plans and comply with applicable Department of Labor regulations. By assuming the cumbersome process of sending Plan Termination notices to participants, processing distributions and directly assisting plan participants via the PenChecks Participant call center, PenChecks has minimized Sentinel’s plan termination administrative workload by 75 to 80 percent.
PenChecks also processes several large monthly recurring payments for Sentinel with their Recurring Benefit Payment service. Instead of generating more than 500 payments each month, Sentinel only has to send one funding deposit to PenChecks to cover the monthly recurring distributions. Sentinel now handles the monthly payments with a high degree of operational efficiency while participants enjoy a better distribution experience.
Our relationship with PenChecks is a special one. If we need something done a little differently, even if it’s completely outside the box, they’re willing to work with us to find a solution. Those are the things we need to be competitive and provide different value for our customers. PenChecks has helped us deliver that kind of value numerous times.
Benjamin Healy, Chief Operating Officer