Payment Processing Services
We Do the Heavy Lifting for You
Call 800.541.3938 to speak with a Payment Processing Specialist!
We were one of the first to offer outsourced and backoffice retirement plan payment processing solutions.
Offers a fast, affordable solution for getting your retirement plan payments out on time and accurately. We remove the burden of tax remittance and filing for the plan sponsor, and the TPA having to process the 1099-R / 945 forms.
Provides a turnkey solution where the entire benefit election process and payment process is handled by PenChecks. We take care of the mailings, participant inquiries, receiving their payment instructions and processing their payments.
The Department of Labor requires that plan sponsors take many steps to properly terminate a plan. We help manage the entire participant outreach and interaction to assist them with their distribution options and create a workflow to handle missing and non-responsive participants.
Recurring Benefit Payments
If you have an ESOP or administer one, we can assist in handling the complexities of ESOP distributions so you don’t have to.
Save Time. Reduce Risk. Lower Operating Costs.
- We reduce your administrative workload by taking time-consuming (but important!) tasks off your plate.
- We lower your risk by eliminating exposure to tax withholding, payment and reporting penalties and standardizing your distribution process to reduce errors.
- Generally, our fees can be deducted directly from the participant’s account, making our services available to you at no cost. (Not permitted with defined benefit plans.)
- Your staff can focus on providing great service to customers. You can focus on growing your business.