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Please click the links to the right to learn about the services PenChecks offers.

Distribution Services

Full Service (Check Plus)

Take the frustration and wasted resources out of the pension distribution process with PenChecks’ Full Service (Check Plus) Distribution Service. PenChecks provides Plan Providers, Administrators, and Sponsors a simple start to finish pension distribution solution by notifying plan participants, collecting participant’s benefit election, disbursing participant’s rollover or lump sum benefit payments, withholding federal and state taxes, remitting taxes, filing all proper tax returns, following up on uncashed or returned disbursements and more. With this service, PenChecks can also provide leads to Plan Brokers / RIAs to help Plan Providers and Administrators build stronger relationships with their Brokers and RIAs to grow their business. This service is especially effective for Plan Terminations, as it outsources all the functions and gives the opportunity to participants to make their benefit election in a timely manner. The Full Service can improve your bottom line and client satisfaction while giving you more time to focus on growing your business. The Full Service (Check Plus) Distribution Service provides the following services:

  • Notify Plan Provider, Administrator, or Sponsor via email upon receipt of plan assets.
  • Notify via email any Plan Broker/RIA that has been registered with PenChecks by a Plan Provider or Administrator of the pending distribution prior to notifying and requesting the participant to make a benefit election.
  • Notify plan participants of pending distribution via mail and direct the participants to PenChecks’ Participant Benefit Election Website to make their benefit election.
  • Provide participants 24/7 access to the PenChecks Benefit Election Website where participants can safely and securely log on using the PIN received in the notification letter, view their benefit and elect to rollover their funds to an IRA or new employer plan, take a cash lump sum, or create an IRA to rollover their funds into. Paper forms available upon request.
  • Disburse funds via Check, Wire, ACH or Cash Card as a lump sum or rollover according to the participant’s benefit election instructions.
  • Withhold mandatory/voluntary Fed /State taxes, remit taxes to taxing authority, and file all necessary Fed/State tax returns (i.e. 1099R, 945, 1096, etc.
  • Monitor and resolve all returned/uncashed disbursements and all expired participant notices. Perform address searches and send registered mail as needed.
  • Provide 24/7 online access to PenChecks Online Distribution Software, Benepay, to review history, monitor distribution status, generate reports, or make additional distribution requests.

All you need to do to get started is:

  1. Register your Plan at www.benepay.net , there is no fee and it takes approximately 10 minutes.
  2. Liquidate the plan assets and send to PenChecks (See Check/Wiring Instructions).
  3. Provide PenChecks with basic participant by creating a Full Service (Check Plus) Distribution Request under your Benepay Account. This can be done by individual participant or in a bulk upload fashion.

You can always call our Client Service Center toll free at (800)541-3938 to get more information or assistance.