Individuals

Why You Have an Account with PenChecks Trust®

PenChecks Trust® is a state-chartered, non-depository trust company that provides retirement distribution services to employers and financial services companies within the retirement plan sector. We also help individuals locate and claim missing retirement funds they are entitled to, and explain the options available to them for claiming those funds.

There are three reasons you may have an account with us:

  1. We were selected by your employer or former employer to help process a retirement plan distribution you are entitled to.
  2. We were appointed as custodian of an Automatic Rollover or Missing Participant IRA established in your name because your former employer was unable to reach you to transfer your retirement account to you.
  3. The financial institution that previously served as custodian of your retirement account resigned and selected PenChecks Trust to be the successor custodian.
You are Here Because
Watch these short video explanations to learn more about your specific situation.
Automatic Rollover/Missing Participant IRA
For an unclaimed account from a former employer
Distribution
Received notice of pending distribution
Active Account
PenChecks is new custodian of your account
1099-R/5498 Tax Forms
Received forms for an account I have with you
Next Step: Make a Smart Decision With Your Money

Determining where to put your retirement dollars is an important decision. PenChecks Trust can connect you with other financial service providers to help you prudently invest your retirement money.

Working with trusted service providers, you can establish a personal IRA with:

  • Additional investment options
  • Competitive fees
  • lnvestment programs to match your risk profile
  • Friendly, personalized service
  • Regular statements and account monitoring capabilities

Making a smart decision with your money can help you continue saving for retirement.

Your options include:

Rolling over your funds to an IRA account at another institution.
Rolling over your funds to your current employer’s retirement plan, if that plan accepts rollovers.
Taking a lump-sum payment for the amount in your account *mandatory tax withholding applys

If you prefer one of these options, we are happy to assist you in completing the transaction. The FAQs section below provides more information about the different types of retirement accounts we service.

Have Questions?

Get Quick Answers to Your Most Immediate Questions:

Have questions about these options? Get started today, call 800.541.3938.

Important Updates for Individual Retirement Account Holders

Update to the Automatic Rollover/Missing Participant IRA Agreement
NOTICE TO ACCOUNT HOLDERS

In accordance with Section E.8 of the PenChecks Trust Company of America Automatic Rollover and Missing Participant Individual Retirement Account Custodial Agreement or PenChecks Trust Client Services Agreement and Statement of Services and Fees, please be advised of the following change:

Beginning February 15, 2021, PenChecks Trust is improving its Express, Enhanced, and Premier IRA Programs. PenChecks Trust will continue to provide its Bank Deposit Program (“BDP”) during the first twelve (12) months that an Automatic Rollover or Missing Participant IRA is with PenChecks Trust. After the first twelve (12) months, PenChecks Trust now offers the Stable Value Program (“SVP”). The SVP allows the Participant Account Holder or Sponsor to direct PenChecks Trust to invest the Automatic Rollover and Missing Participant IRA in the Guaranteed Fixed Income Fund offered by the Standard Insurance Company pursuant to the agreement between PenChecks Trust and The Standard.

PenChecks Trust shall receive the same fee within the SVP as it receives within the Bank Deposit Program. Each month, to the extent that the Standard Guaranteed Fixed Income Fund pays interest in amounts in excess of the National FDIC Jumbo Money Market rate for the applicable month, the SVP Fee shall be equal to the lesser of (i) 1/6 of 1% of the IRA account balance as of the end of the month or (ii) 1/12 of the annualized interest rate paid by the Standard Guaranteed Fixed Income Fund for the month in excess of the National FDIC Jumbo Money Market Rate.

If you do not wish to participate in the PenChecks Trust Stable Value Program, you must claim your account within 30 days after the one-year anniversary of your PenChecks Trust Automatic Rollover or Missing Participant IRA. Participants who fail to claim their account by the aforementioned date consent to this change.

For a full copy of the PenChecks Trust Company of America Automatic Rollover and Missing Participant Individual Retirement Account Custodial Agreement or Client Services Agreement, please contact PenChecks Trust at 800.541.3938.

Update Regarding Required Minimum Distributions (RMDs) for 2020
NOTICE TO ACCOUNT HOLDERS

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), required minimum distributions (RMDs) for 2020 have been waived for IRAs and retirement plans, including beneficiaries with inherited accounts. This waiver includes RMDs for individuals who turned age 70 ½ in 2019 and took their first RMD in 2020.

In accordance with the directive of the CARES Act and in an effort to preserve long-term retirement savings, PenChecks Trust will not be automatically processing RMDs from Automatic Rollover and Missing Participant IRA Accounts for 2020. If you previously received a Form 5498 in early 2020 that indicated an RMD was required from your account for 2020, the relief provided by the CARES Act has superseded that notice and PenChecks has accordingly suspended RMD activity on your account for the 2020 tax year.

Please Note: PenChecks Trust Automatic Rollover and Missing Participant IRA Accounts that contain Roth funds do not require withdrawals until after the death of the owner.

If you have questions about RMDs from your IRA or your account, in general, please contact PenChecks Trust at 800.541.3938.

Get Started Today.

Let PenChecks Trust help you make smart decisions with your retirement savings.

Explore options, call 800.541.3938.