PenChecks Trust, PensionPro Team Up to Automate Retirement Distributions
October 20, 2017
SAN DIEGO, CA — PenChecks Trust, a leading provider of outsourced retirement distribution solutions, and PensionPro, a premier provider of workflow management software for third-party administrators (TPAs) and recordkeepers, have reached an agreement on a new technology partnership. Designed to streamline processes for clients of both companies, the partnership will provide integration between PensionPro and PenChecks Trust software to automate the distribution workflow process managed within PensionPro.
An important part of the workflows for retirement plan TPAs and recordkeepers includes making distributions to plan participants. Using the technology integration, PensionPro clients will now be able to initiate a distribution in PensionPro and automatically send the data to PenChecks Trust without having to rekey the data.
The software integration simplifies the distribution process, and will be made available to clients of both companies at no additional cost. It will also automate involuntary distributions to Automatic Rollover IRA accounts, which are used for former plan participants who are missing or non-responsive.
“Managing retirement plan distributions is a complex and time-consuming process,” says Peter Preovolos, president and CEO of PenChecks Trust. “When making thousands of distributions, as many TPAs and recordkeepers do, realizing automated efficiencies can result in significant savings of time and administrative costs. Whether it’s through the continued development of our own P3 platform or by partnering with industry leaders like PensionPro, we remain committed to providing our clients the latest retirement plan technologies in order to streamline processes and lower administrative costs.”
“We’re glad to be partnering with PenChecks Trust, a long-time industry innovator, in offering our clients an integrated benefit distribution solution. This enhances the value of our offering and reinforces our position as the industry leader in software management solutions for TPAs,” said PensionPro CEO Renee Conner. “We like thinking out of the box as we continue to provide solutions to improve the productivity of our clients.”
For more information on the PenChecks Trust/PensionPro software integration, contact Scott Okrasinski at PenChecks Trust.
About PenChecks Trust
PenChecks Trust is a state-chartered, non-depository trust company and the largest independent provider of outsourced benefit distribution services and Automatic Rollover IRAs and Missing Participant IRAs in the U.S. With over 20 years in business, PenChecks Trust (http://www.penchecks.com) is an expert and industry-leading provider of unique and comprehensive solutions for a myriad of plan and distribution issues. Services include automated and branded solutions for benefit payments, benefit election processing, missing participant searches, Automatic Rollover IRAs, uncashed/stale-dated check resolution and Abandoned Plan/QTA Services. Customers include financial institutions, third-party administrators, plan advisors, and plan sponsors.
PensionPro is a leader in workflow management software for Third-Party Administrators supporting over 100,000 plans. Founded in 2010, PensionPro was created to help TPAs achieve clarity through the collection and organization of data across clients, departments, and locations. PensionPro connects all aspects of TPA sales, administration workflow and plan sponsor interaction to create a streamlined operational hub that maximizes efficiency and profitability, giving TPAs the ultimate competitive advantage.