For more information about
PenChecks, Inc. Benefit Distribution Services,
Call
1-800-541-3938 to speak to a Representative or email
us at info@penchecks.com
DISTRIBUTION SERVICES
SERVICES WE PROVIDE INCLUDE
•
Preparing the benefit election forms and the tax withholding
notices and mailing them to the payee
•
Following up with the payee if no response is received
•
Making the distribution to the payee when the completed
election forms and required spousal consent forms are received
•
Making Federal and State withholding “deposits”
•
Electronically filing the IRS form 945 tax-withholding
reporting form and state forms as needed
•
Processing of Lump Sum Distributions (Direct Rollover
or Cash)
•
Making distributions to alternate payees
•
Making distributions pursuant to Qualified Domestic Relations
Orders (QDRO)
•
Preparation of IRS Form 1099R for each benefit distribution
paid
•
Excess Contribution Refunds
•
Bill paying (i.e. Trustee fees, RIA fees, Legal and Administrative
fees, etc.)
•
Processing ESOP dividend payments for non-publicly traded
companies
•
Funding Participant Loan and Hardship Withdrawals
•
Tracing missing participants
•
Missing Participant & Default IRA Rollover Programs
CHECK WRITING SERVICES
Check Writing Only
Check Writing Plus
Recurring Monthly
TPA/Sponsor controls process up to the point of
actual distribution check being written and handles
all disclosure and election forms
•
•
PenChecks, Inc. handles all correspondence regarding
the distribution(s) on behalf of the TPA/Sponsor
•
Each account set-up is customized to the specific
needs of the TPA/Sponsor
•
•
•
Lump Sum Distributions (Direct Rollover or Cash)
to IRA/New Employer Plan
•
•
•
PenChecks, Inc. provides the following:
•
Benefit Election form
•
Special Tax Notice
•
Joint & Survivor Waiver Notice (if applicable)
•
Prepare and File IRS and State Agency forms:
•
1099R
•
945
•
State forms where applicable
•
•
•
Monitor Annuity Payouts against a daily Death
Audit
