History
In 1993 a group of 30 dedicated retirement plan professionals came together to discuss their businesses, the retirement industry as a whole and the potential of creating a collective bargaining unit. Over the course of many months and several meetings this group determined that there would be great value in having an entity that could focus dedicated resources and expertise on processing distributions from their client’s retirement plans. The methodology, consistency and profitability with which each firm handled distributions varied greatly. Thus, having one uniform way for processing all distributions while simultaneously reducing the amount of work involved by more than 70%, increasing quality control, improving customer service and reducing risk, became a very valuable proposition. The idea and initial trials were so successful it was very quickly determined that there was a national market for such a firm. As a result, PenChecks was born and its doors were opened in November of 1994. In its first year of operation PenChecks processed approximately $500,000 in benefit payments. Today, PenChecks processes more than half a Billion dollars worth of benefit payments annually.
