Express Distributions Service
Fast, Professional Paying Agent Services
Tired of getting bogged down in time-consuming payment processing tasks? Our Express Distributions payment processing services can help Plan Sponsors, Advisors, and Third-Party Administrators (TPA) turn a tedious process into a highly efficient turnkey solution.
Ideal for retirement plans where the custodian does not handle tax withholding, reporting, or processing and filing of the 1099-R /945, our Express Distribution service includes:
- Processing the payment to the participant
- Withholding and remitting required federal and state taxes
- Processing the 1099-R / 945 forms
Lump Sum Payments
Provides timely, accurate processing of one-time participant payouts. Distributions are made via check, wire or ACH.
Rollover Payment Options
Provide participants the option to rollover their distribution to an existing Individual Retirement Account (IRA), or to an employer’s qualified retirement plan that accepts rollovers.
Tax Withholding and Payment
- Withhold, file and remit taxes to the appropriate authority
- File required federal and state tax forms, including 1099-R, 945 and 1096
Uncashed Check Monitoring
We monitor and resolve all returned or uncashed plan disbursements that we process. Our workflow will ensure you never have an uncashed check issued by PenChecks.
We Get It Right the First Time!
With Express Distributions, payment processing becomes a breeze. We process your distributions in a timely, efficient manner. You enjoy 24/7 access to our online distribution software, where you can review plan payment history, make additional distribution requests, and much more – all with just a few clicks of the mouse.
Sign Up for PenChecks’ Express Distributions Service Today!
Create an online processing account. There is no fee to register, and it only takes a few minutes to complete.
Forward plan assets for distribution to PenChecks Distribution Trust. Check and wiring details provided at login.
Enter payment processing distribution requests online. Requests can be made one at a time or via bulk upload.