Please click the links to the right to learn about the services PenChecks offers.
IRA Services (Auto Rollovers)
Premier Fiduciary Service
Premier IRA Fiduciary Service
Why do the work when you don’t have to? PenChecks Premier IRA Service will perform ALL necessary steps to establish and administer a Default or Missing Participant IRA. The Premier Service complies with Department of Labor participant notification requirements (FAB 2004-02) and is Safe Harbor Compliant (DOL Reg. 2550.404a-2 & 3). Now Plan Providers, Administrator, and Sponsors can focus their resources on their core business, rather than deal with the red tape and the time consuming process of managing non-responsive or missing participants. PenChecks provides ALL of the following services/benefits with PenChecks Premier IRA Fiduciary Service:
- Perform all mandatory participant notification requirements set forth in DOL FAB 2004-02:
- Remind Plan Sponsor to check other records for more accurate participant contact information
- Commercial address search to verify or update participant address
- Participant notification via certified mail to contact PenChecks and make benefit election
- Request and use of the IRS or SSA Letter Forwarding Service
- Request the assistance of the designated beneficiary of record to locate or notify participant
- Direct all responsive participants to the PenChecks Benefit Election Website where participants can log on 24/7 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.
- Withhold and remit necessary federal and state taxes and file all required federal and state returns (i.e. 945, 1099R, 5498, 1096)
- Establish a DMP IRA for those non-responsive participants and assist participants who are located or come forward after the IRA is established to transfer their account elsewhere.
- Register participants with the The National Registry of Unclaimed Retirement Benefits, a public service company providing participants an online database to search for their missing benefit.
- 24/7 Access to PenChecks Online Benefit Distribution Software, Benepay, to make distribution requests, review history, monitor status of distribution, and generate reports.
- Annual participant address searches and updates.
- Minimum participant account balance is only $500.
- Fees
There is a one-time processing fee, per participant, of 20% of the total account balance, not to exceed $100, charged to the participant's account balance. There is also a $45 Annual Administrative fee assessed to the participant’s account by the Custodian. When the use of the IRS Letter Forwarding Service exceeds 49 letters in a 12 Month period, a $1,750 + $0.50 per letter will apply. This is the amount required to be paid by the IRS. - Establish a Premier Default / Missing Participant IRA Today
Let PenChecks do the work for you. Take advantage of the Premier IRA Fiduciary Service by following these step by step instructions. All accounts less than $500 will be established under the Standard Service process. You can always call our Client Service Center toll free at (800)541-3938 to get more information or assistance.
PenChecks IRA Reward Program
If you are a non-fiduciary (Administrator/Advisor), sign up today for our IRA Reward program. PenChecks will pay you a “Reward” for those Missing Participant (Auto Rollover) IRAs established with PenChecks. IRA Reward Program
