Trusted Processing Partner for Financial Institutions
At PenChecks Trust®, we understand the complex requirements of financial institutions, and we design customized solutions to meet them.
Combining more than two decades of compliance expertise with innovative technology platforms, we offer a full range of benefits distribution services that support institutional volume processing.
Call 800.541.3938 to speak with a Distribution Specialist today!
Cost-Effective Payment Processing for Financial Institutions
Acting as your pension distributions processing partner, we help you:
- Save time and lower admin costs with fast, efficient payment processing
- Resolve uncashed retirement plan checks
- Locate missing participants to help clean up your plan
- Implement ERISA-compliant missing participant IRA solutions
- Safely terminate abandoned plans with our QTA service
Compliant Distribution Processing
Thanks to PenChecks’ high volume and operational efficiencies, we can streamline your entire institutional distribution process. We handle all payment processing compliance and ongoing processing tasks so your staff can work more efficiently.
Our payment processing services include:
Stop Wasting Time On Uncashed Retirement Plan Checks
Are uncashed checks adding time and cost to your retirement plan administration?
Our Uncashed Checks Services can assist you in resolving these accounts by:
- Conducting sophisticated searches to locate missing distributees
- Establishing a Taxable Savings Account to protect the distributee’s funds and issuing tax forms
- Paying out distributees who are located or come forward to claim their accounts
- Escheating the funds to the proper state authority when distributees can’t be found
Having trouble finding and paying out missing participants so you can remove them from your plan? Our specialized search techniques produce one of the highest “find” rates in the industry. Simply upload the participant’s data to our web site and we do the rest – often returning search results within 24 hours.
- Establishing Automatic Rollover/Missing Participant IRAs for participants
- Prepare and file applicable federal and state tax forms
- Issuing participant copies of these forms
- And more!
Our QTA services assist you in properly terminating abandoned plans while appropriately distributing plan assets in compliance with DOL regulations. PenChecks Trust can serve as the named Qualified Termination Administrator for your plan, or partner with you to perform compliant back-office abandoned plan services.