PenChecks Company News

PenChecks Trust Announces New V.P. of Institutional Sales

February 13, 2017

SAN DIEGO, CA — PenChecks Trust Company of America, a leading provider of outsourced retirement plan distribution services, announces the hiring of Steve Wagoner as the firm’s new Vice President of Institutional Sales.

In this new position, Wagoner will work to increase PenChecks Trust’s presence in the institutional space by developing strategic relationships with financial institutions such as banks, trust companies, insurance companies and other retirement platform providers. He will also focus on introducing institutional solutions, like PenChecks Trust’s Abandoned Plan/Qualified Trust Administration (QTA) and uncashed check services, to help these clients streamline operations and reduce fiduciary risk.

“Processing retirement plan distributions involves a lot of time-consuming administrative tasks that must adhere to strict IRS and Department of Labor regulations,” says Peter Preovolos, President and CEO of PenChecks Trust. “Increasingly, large financial institutions are looking to outsource these burdensome tasks to companies that specialize in retirement distribution processing. Wagoner’s experience in financial and retirement plan services will enable us to tap into this growing market by providing value-added services that enable financial institutions to focus on their core business.”

A former Registered Investment Advisor and Financial Planner, Wagoner brings a deep understanding of the needs of financial institutions to the PenChecks Trust team. He has more than 20 years of financial services and retirement industry experience, including serving as Director of Sales for DST Systems, Inc., a leading provider of strategic advisory, transformative technologies, and operations outsourcing to the financial and healthcare industries. While at DST, he managed the sales team and helped retirement plan providers design and implement communication strategies for third-party administrators, advisors, plan sponsors and plan participants. Steve holds a B.S. degree from the University of New Hampshire.

About PenChecks Trust
PenChecks Trust Company of America is a state-chartered, non-depository trust company and the largest independent provider of outsourced benefit distribution services and Default/Auto Rollover IRAs in the country. With more than 20 years in business, PenChecks Trust (www.penchecks.com) is an expert and industry-leading provider of unique and comprehensive solutions for a myriad of trust resolution issues. Services include automated and branded solutions for benefit payment processing, uncashed/stale dated checks, Abandoned Plan/QTA services and Taxable Savings Accounts. Customers include financial institutions, third party administrators, plan sponsors and plan advisors.

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