Uncashed Checks Services

We start by searching for missing participants to reunite them with their money. When we locate the recipient of an uncashed check, we verify their identity, process their claim, and transfer the funds to their control.

When Missing Distributees can’t be found, we create a Taxable Savings Account (TSA) for the participant to claim based on the participant’s name, last known address, social security number and funds representing the uncashed check. This includes registering the participant with the National Registry of Unclaimed Retirement Benefits®. We also issue an annual 1099-INT until the funds are claimed or escheated.

If no claim is made, because the funds are no longer considered qualified assets once taxes are withheld, we escheat the TSA according to the laws of the state of the participant’s last known address. For uncashed rollover checks, please see our Automatic Rollover or Missing Participants Services.

Resolving uncashed checks and unclaimed pension benefits is a complex process.

To ensure we get it right every time, we formed PenChecks Missing Distributees, LLC, an affiliate organization that focuses solely on uncashed check solutions for Plan Sponsors and companies offering administrative and custodial services to ERISA-qualified plans.

To reduce your fiduciary risk, PenChecks Missing Distributee LLC specializes in resolving uncashed and stale-dated checks for taxed benefit payments made from qualified retirement plans.