Success Story



The ANGELL Pension Group, Inc.

Client Type:

Third Party Administrator
The ANGELL Pension Group, Inc.


Assist clients in distribution processing, tax withholding and reporting and managing missing participant accounts when terminating plans.
Having PenChecks process plan distributions and year-end tax reporting has been a huge relief – for us and our clients.

Company Situation:

The ANGELL Pension Group is a national leader in third-party administration and compliance, providing a full array of administrative, actuarial, Section 125 and nonqualified services to more than 3,000 clients nationwide.

Many of ANGELL’s clients, especially those with brokerage accounts, struggle with record keeping and tracking, as well as the tax withholding and remittance aspects of plan distributions. Others have problems finding and cashing out missing participants when terminating plans.

As part of their services, ANGELL assists these clients in completing these burdensome tasks. To reduce the administrative workload of their own staff and that of their clients, ANGELL now refers these clients to PenChecks Trust®.

Peace of mind at every step.
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The PenChecks Trust® Solution:
PenChecks Trust provides ANGELL and its clients with a seamless process for managing plan distributions and tax withholdings. When a client needs assistance processing a distribution, ANGELL assists the client in the set-up of their plan account with PenChecks Trust. The trustee or custodian wires the funds to PenChecks Trust, and an ANGELL staff member works with PenChecks Trust to verify the details.

In most cases, ANGELL or the plan sponsor transmits the benefit election form to the participant, and ANGELL assists in completing the distribution instructions to PenChecks Trust. In the case of lost or missing participants, the applicable information is provided to PenChecks Trust, and they complete the search process and benefit payment.

PenChecks Trust handles the entire process, from cutting and mailing checks (or processing wires or ACHs) to withholding and reporting taxes and the remittance process. They even generate and file the required 1099-R forms at the end of the year. PenChecks Trust also offers a complete missing participant solution that involves locating unresponsive plan participants and reuniting them with their funds.

When former employee plan participants are unresponsive, PenChecks Trust initiates search efforts to locate them. When they are found, they process the benefit election forms, and then processes the distributions via check, wire or ACH. When participants can’t be located or otherwise fail to respond, PenChecks Trust establishes Automatic Rollover IRAs to ensure the assets are properly managed according to Department of Labor Safe Harbor regulations.

Save Time.
Lower Costs.


ANGELL no longer has to spend large blocks of time trying to locate missing participants, walking clients through the process of electronically remitting federal withholding taxes, and dealing with the complexities of filing in many different states. As a result, staff can now focus on the company’s core business of plan compliance and consulting.

ANGELL clients also save time and money by turning some or all of their distribution processing activities over to PenChecks Trust. Additionally, PenChecks helps ANGELL’s plan sponsors meet their fiduciary responsibilities with respect to missing participants.

In Our Clients’ Own Words:
After terminating a plan, one of our clients had to make corrective contributions due to an IRS audit. PenChecks processed all the distributions in a timely manner and let us know when the checks were cashed. They also set up Missing Participant IRAs for all missing participants to ensure those assets were properly managed.

The PenChecks staff was easy to work with and they walked me through the entire process. Overall, it was a very pleasant experience.

Having PenChecks process plan distributions and year-end tax reporting has been a huge relief – for us and our clients.

The ANGELL Pension Group, Inc.

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