Innovation
Since inception PenChecks realized that the only way it was going to be valuable and profitable was if it could process distributions faster, cheaper and more efficiently than other firms could do for themselves. Given this fact, PenChecks has always focused a great deal of effort and resources to creating processes, systems and services to help accomplish this goal. Since 1994 PenChecks has developed the following innovative solutions in the retirement plan distribution marketplace:
- Centralized Lump Sum, Rollover & Recurring Benefit Payment Processing from Any Custodial Source
- Created the first outsourced method to collect participant benefit elections for TPAs & Plan Sponsors
- Developed the first independent online benefit distribution processing software
- Created the first Missing Participant/Default IRA program in the country which became the precursor to the Default IRA Regulations of EGTRRA three years before the law was enacted
- Created the National Registry of Unclaimed Retirement Benefits, a public service company dedicated to helping reunite missing/former employees with earned benefits
- Integrated participant search services with Lump Sum & Recurring Benefit Payments (including death audits)
- Developed integrated automatic Broker/Advisor Lead Generation solution with distribution processing (requires no additional software, infrastructure or maintenance)
- Created the first independent online Participant Benefit Election collection and processing website
- Created the first Missing Distributee ™ service in the country for the purpose of legally resolving stale-dated, un-cashed and/or outstanding participant distribution payments
- Implemented comprehensive Orphan plan processing for TPAs & Institutions
- Developed the nation’s first Premier IRA Fiduciary Service designed to satisfy all requirements of DOL FAB 2004-02 (regarding standards for participant notifications and searches) on behalf of the Plan Sponsor
- Designed the first ongoing Missing Participant / Default IRA Reward Program
- Founded the PenChecks Trust Company of America
In addition to creating an outsource solution to improve our client’s overall business operations and profitability, PenChecks remains dedicated to creating meaningful products, services and a knowledge base for the purpose of solving specific challenges related to retirement plan distributions.
