Fast, Intuitive Online Processing with PenChecks Benefit Election Website for Plan Participants
The PenChecks Participant Benefit Election Site gives your plan participants a fast, safe, and secure option for processing their benefit elections. More importantly, it lightens your administrative workload by streamlining and simplifying an often confusing process of paper forms, mail delays, unreadable handwriting, and input errors.
VIDEO: Do We Have Your Money?
Reclaim Your Retirement Funds from PenChecks Trust. Learn more.
Have you been directed to PenChecks Trust by your retirement plan sponsor? If so, you may be wondering how PenChecks came to be the custodian of your account. We’ve created a short video that explains what happened to your assets after leaving your former employer, and how you can initiate the process to reclaim your retirement funds.
Using a step-by-step, online system of intuitive prompts, plan participants can complete all their required benefit election forms in just minutes and digitally sign and authorize them. As a result, your participants are more likely to respond to benefit election requests in a prompt and timely manner. And you can monitor each participant’s progress via the PenChecks Pay Portal (P3), making it easy to manage the entire process.
Multiple Distribution Options with Online Participant Benefit Election Process
When making their benefit elections, participants can select one of the following:
- Roll their benefit over into an existing IRA
- Roll their benefit over into a new employer plan
- Receive a cash lump sum distribution
- Receive a split distribution (combination of cash lump sum and rollover)
- Review and elect all mandatory/voluntary federal and state tax withholdings as it relates to their benefit election
After selecting their benefits, participants can choose from several payment and delivery options, including standard check, ACH, and overnight delivery. Plan providers and administrators receive an electronic record of every benefit election, and paper forms can be provided upon request.