BenePay
Benepay is PenChecks’ Online Benefit Distribution Website created to streamline the pension benefit distribution process. Benepay is dedicated to Plan Providers, Administrators, and Sponsors and offers them the ability to create and monitor distribution requests, see when plan assets are deposited, generate reports, withhold taxes and issue 1099Rs in a safe and secure environment. Third Party administrators can create multiple Plan Sponsors and Plans under their TPA account to create, monitor, and store distributions for all of the TPA’s Plans.
Features & Benefits
- Available 24/7 to make distribution requests, monitor distribution status and generate reports
- Safe and Secure Access
- Hierarchical structure permits confidentiality at each level – TPAs can view all Plan Sponsors and Plans information created under their TPA account but not vice versa
- Bulk Upload of Plan Sponsor, Plan, and participant distribution information
What Is The PenChecks Participant Benefit Election Website?
The PenChecks Benefit Election Website is a secure website dedicated to provide Plan Participants the means to make their benefit election in a secure online environment. Participants follow the prompts and can make their benefit election in a matter of minutes. No more confusing forms, mail delays, unreadable handwriting, or input errors. Plan Providers and Administrators can also monitor the process through their BenePay account to see who has or has not responded. The PenChecks Benefit Election Website was developed through years of experience in the Pension Distribution Industry. We make pension distribution simple.
Features & Benefits
- Available 24/7
- Safe and Secure Access – Participants are provided a secure PIN to login
- Participants acknowledge the receipt and understanding of 402(f) tax notice online and can print for their records
- Participants can view their benefit and outstanding loan amounts
- Participants can update their contact information to ensure the most current information
- Participants can select one of the following:
- Rollover their benefit into an existing IRA
- Roll their benefit into a new employer plan
- Establish a new IRA with any one of several major providers and have your account balance rolled over to it all in the same web session using PenChecks’ connection to the Rollover System Network (RSN)
- Receive a cash lump sum distribution
- Receive a split distribution (combination or cash lump sum and rollover)
- Participants can view mandatory/voluntary federal and state tax withholding as they make their benefit election
- Participants can elect to have overnight mailing, ACH, or standard check issued
- Plan Providers and Administrators will have an electronic record of their benefit election
- Paper forms can be used upon request
