Recurring Benefit Payment Service
Expert Recurring Payment Processing
Recurring pension payments are a time-consuming but necessary part of administering a pension plan. A leader in customized retirement plan solutions, PenChecks Trust® can help reduce your administrative workload with our convenient Recurring Benefit Payment Service.
A flexible program designed to meet the needs of plan providers, administrators and sponsors, this convenient service:
- Offers a choice of monthly, quarterly, semi-annual or annual benefit distributions for retirees in pay status
- Provides multiple recurring payment processing options
- Invoices the plan according to your selected payment schedule
- Keeps you compliant with regulatory recurring payment requirements
We also handle state and federal tax withholding, remittance and tax filing so you don’t have to.
Call 800.541.3938 to speak with a Recurring Benefit Payment Specialist today!
Recurring Payment Processing You Can Count On
To minimize your administrative workload, we:
- Withhold and remit federal and state taxes
- File applicable tax forms, including 1099-R, 945 and 1096
- Perform weekly death audits to minimize potential over payments
- Provide an annual participant tax withholding inquiry
- Monitor and resolve all returned or uncashed disbursements
- Perform address searches as needed
You get all of these time-saving services for one low fee, based on your selected recurring payment processing schedule.