PenChecks Company Information
PenChecks is a privately held company that provides a complete suite of retirement distribution services. Headquartered in La Mesa, California, we combine more than 20 years of retirement benefits processing experience with innovative technologies to help institutions, administrators, advisors and plan sponsors save time and money while serving their clients more effectively.
PenChecks is led by president and CEO Peter E. Preovolos. A registered investment advisor (RIA) and accredited pension administrator (APA), Preovolos is one of the few people in the U.S. to earn the prestigious credential of accredited investment fiduciary analysts (AIFA).
PenChecks is guided by an eight-member board of directors that includes professionals with diverse backgrounds in the financial services industry. Six of the board members currently run or have overseen their own third-party administration, actuarial or investment advisory firms. The PenChecks board also includes the former president of Commerce National Bank as well as the former president and CEO of Northwestern Mutual Investment Services, the broker-dealer subsidiary of Northwestern Mutual, one of the largest independent broker-dealers in the United States. Each board member has more than 30 years of industry experience, giving PenChecks a distinct knowledge advantage in providing payment and related distribution services.
What Does PenChecks Do?
PenChecks is the leader in outsourced partner solutions for benefit payment distributions, Default and Missing Participant IRA programs, uncashed check solutions and abandoned plan services. We provide retirement distribution services for companies of all types and sizes, including some of America’s biggest household names, such as Florida Marlins Baseball, Jelly Belly, Payless Shoes, PayPal and YMCA.
Who is PenChecks?
The PenChecks family of companies is a strategic creation of entities specifically designed to deploy its suite of services in the most efficient, cost-effective manner possible while minimizing risk and exposure to its clients.
PenChecks Trust™ Company of America (PTCA)
The main processing agent, PTCA is a state chartered and regulated trust company providing solutions that include qualified termination administrator (QTA) services to institutions for abandoned retirement plans. PTCA also offers a full line of IRA products to meet the diverse needs of advisors and institutional service providers.
PenChecks, Inc., the parent company, is an innovator and leader in benefit distribution processing and related services. PenChecks helps institutions, plan providers, third party administrators, financial advisors, and plan sponsors with efficient, compliant benefit distribution processing services.
PenChecks Missing Distributees (PMD)
PMD helps companies and institutions effectively and legally manage the growing challenge of uncashed checks and other distributions yet to be claimed by plan participants.
The National Registry of Unclaimed Retirement Benefits (NRURB)
NRURB is a public service, free-use company committed to helping individuals locate their lost or abandoned retirement benefits. Learn more at www.UnclaimedRetirementBenefits.com.
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