PenChecks Trust and PensionSoft Announce New Technology Partnership
October 24, 2016
San Diego, CA – PenChecks Trust, a market leader in benefit distribution processing, and PensionSoft Corporation, a leading provider of software to retirement plan third-party administrators and actuarial services firms, have agreed to integrate their software products to make benefits processing faster and easier for retirement industry clients. By linking its software directly to PenChecks Trust’s innovative “P3” online benefits processing portal, PensionSoft will enable its clients to access a suite of benefits distribution services that reduce administrative time and improve data accuracy.
“We are extremely pleased to be joining forces with our partners at PenChecks Trust,” said Scott B. Moss, CEO of PensionSoft. “Integrating our two platforms leverages the capabilities of each company and provides customers an even more efficient solution for pension administration. The natural marriage of our platforms will streamline processes starting from the point that a participant is considering retirement through generation of the actual benefit payment from the trust. Customers will not only save time but also see a sharp reduction in the potential for error.”
By using the link to PenChecks Trust’s web portal, PensionSoft software users will able to:
- Initiate benefit payments with the push of a button
- Integrate with PensionSoft’s Worktrack to provide a full audit trail of pension payment processes
- Enjoy safe, secure and instantaneous transfer of benefits information
- Eliminate manual entry of benefits information
- Reduce administrative time and the risk for error
“We are proud to have been selected to partner with PensionSoft,” said Peter Preovolos, president and CEO of PenChecks Trust. “When their clients link to our web portal, they can quickly set up distributions, sign up for Auto Rollover IRA or Missing Participant/Uncashed Check services, and much more. We’re constantly looking for new and better ways to streamline the benefits distribution process, and this partnership represents a good example of how we often team up with prominent technology companies to better serve retirement industry clients.”
About PensionSoft Corporation
PensionSoft Corporation is a Connecticut-based company who is a leading provider of software that automates defined benefit pension administration for actuarial firms, TPAs, and pension plan sponsors. For over 10 years, customers have relied on PensionSoft to fully automate administrative processes including managing participant data as well as producing pension benefit calculations, payment election forms, and annual benefit statements. Their software includes a secure and customizable pension portal that enables both companies and plan participants to calculate their own pension benefits and perform administrative tasks online. Over 300 pension plans and 275,000 participants now utilize PensionSoft products.
About PenChecks Trust
PenChecks Trust is the nation’s largest independent employee benefit distribution processing organization, providing affordable technology-based solutions and online processing to ensure proper distribution handling and compliance for institutions, third-party administrators, plan sponsors and employees. As the specialists in lump sum distributions, periodic payments, ESOP dividends and qualified plan bill paying, our services include processing of all required federal and state tax withholding and deposits; preparation and filing of 1099Rs, 945s, 5498s and other tax forms; plan participant search services; uncashed retirement check and abandoned plan solutions; and Automatic/Default and Missing Participant IRA Rollover solutions.