Institutions

Trusted Processing Partner for Financial Institutions

At PenChecks Trust®, we understand the complex requirements of financial institutions, and we design customized solutions to meet them.

Combining more than two decades of compliance expertise with innovative technology platforms, we offer a full range of benefits distribution services that support institutional volume processing.

Call 800.541.3938 to speak with a Distribution Specialist today!

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Cost-Effective Payment Processing for Financial Institutions

Acting as your pension distributions processing partner, we help you:

Save time and lower admin costs with fast, efficient payment processing
Resolve uncashed retirement plan checks
Locate missing participants to help clean up your plan
Implement ERISA-compliant missing participant IRA solutions
Safely terminate abandoned plans with our QTA service

Compliant Distribution Processing

Thanks to PenChecks’ high volume and operational efficiencies, we can streamline your entire institutional distribution process. We handle all payment processing compliance and ongoing processing tasks so your staff can work more efficiently.

Our payment processing services include:

Express Distributions

Premier Distributions

Plan Terminations

Recurring Benefit Payments

ESOP Distributions

Defined Benefit Distributions

Stop Wasting Time On Uncashed Retirement Plan Checks

Are uncashed checks adding time and cost to your retirement plan administration?

Our Uncashed Checks Services can assist you in resolving these accounts by:

Conducting sophisticated searches to locate missing distributees
Establishing a Taxable Savings Account to protect the distributee’s funds and issuing tax forms
Paying out distributees who are located or come forward to claim their accounts
Escheating the funds to the proper state authority when distributees can’t be found

Save Time. Lower Costs. Reduce Risk. Call 800.541.3938 / Schedule a Consult.

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Fast, Efficient Plan Participant Search Services

Included with some of our payment processing services:

Having trouble finding and paying out missing participants so you can remove them from your plan? Our specialized search techniques produce one of the highest “find” rates in the industry. Simply upload the participant’s data to our web site and we do the rest – often returning search results within 24 hours.

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Automatic Rollover and Missing Participant IRA Solutions

Our IRA Solutions help you lower plan administration costs, reduce fiduciary risk and protect participants’ deferred tax status. Services include:

Establishing Automatic Rollover/Missing Participant IRAs for participants
Prepare and file applicable federal and state tax forms
Issuing participant copies of these forms
And more!

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Qualified Termination Administration (QTA) Services Tailored to Your Needs

Abandoning a retirement plan presents unique asset distribution challenges.

Our QTA services assist you in properly terminating abandoned plans while appropriately distributing plan assets in compliance with DOL regulations. PenChecks Trust can serve as the named Qualified Termination Administrator for your plan, or partner with you to perform compliant back-office abandoned plan services.

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Ready to streamline and simplify your distribution processes? Call 800.541.3938 today to speak with a PenChecks Trust service representative. Or schedule an appointment with one of our Distribution Experts.

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We’ve Got You Covered.

Fast, friendly expert service.

Call 800.541.3938 / Schedule a Consult

TALK TO AN EXPERT