Innovation Timeline

A History of Innovative Retirement Distribution Solutions

Today’s fast-paced business climate demands speed and agility – especially for companies in the retirement distribution processing field. Since PenChecks Trust cut its first retirement distribution check more than two decades ago, we have taken a lead role in marketplace innovation, constantly responding to a wide array of industry needs in nimble fashion.

A pioneer in the development of innovative retirement distribution services, PenChecks Trust’s accomplishments have set the standard for retirement distribution processing. We created the first outsourced method for efficiently processing benefit distributions. As part of this innovation, we also created the first independent online benefit distribution processing system.

To help solve the growing issue of missing plan participants, we established the first commercially available Missing Participant IRA Program in the U.S. This innovative program helps institutions, administrators and plan sponsors safely distribute these assets in a prudent and compliant manner. Moreover, in accordance with DOL Safe Harbor regulations, it removes substantial fiduciary risk from plan sponsors and TPAs by transferring it to PenChecks Trust.

We followed up these successes by creating the first independent online participant benefit election website. And when technology changed the way people accept and make payments, we were one of the first to introduce a branded VISA® Prepaid Debit Card for fast, safe, digital benefits distributions.

Our list of advances includes many other innovations, such as integrated participant search services with lump sum and recurring benefit payments, weekly death audits, and comprehensive orphan plan processing for TPAs and institutions. Through new products, more efficient distribution technologies, and enhanced customer service, PenChecks Trust leads the way in driving efficiency and value to our clients through continued innovation.


The PenChecks Trust Innovation Timeline

2015

Introduced the PenChecks Trust Prepaid VISA® Debit Card, the new way to digitally distribute, receive and manage retirement plan distributions.

2012

Unveiled P3, PayChecks’ online pay portal, the retirement distribution planning industry standard in distribution processing

2010

Founded PenChecks Trust™ Company of America; introduced PenChecks Automated Solution for Abandoned Plans (ASAP), a commercially available Qualified Termination Administrator (QTA) service for institutions

2009

Designed the first ongoing Default/Missing Participant IRA reward program, paying clients a bonus when these accounts reach a certain threshold. Developed the nation’s first premier IRA fiduciary service that satisfies all DOL FAB 2014 – 01* requirements for the plan sponsor trustee.

2008

Launched the first independent online participant benefit election collection and processing website

2007

Rolled out an integrated automatic distribution processing broker/advisor lead generation solution that does not require additional software, infrastructure or maintenance

2006

Created and launched Benepay, the first independent online benefit distribution processing software

2005

Launched the National Registry of Unclaimed Retirement Benefits, a public service company dedicated to helping locate missing plan participants that have not responded to benefit elections requests

2000

Developed the first Missing Distributee™ service to facilitate stale-dated and uncashed participant distribution checks

1998

Created the first missing participant IRA program in the U.S., which became the basis for the default IRA regulations of the Economic Growth and Tax Relief Reconciliation Act (EGTRAA) three years before the law was enacted

1995

Designed the first outsourced participant benefit election method for plan sponsors and third-party administrators

1994

Established the first independent centralized lump sum, rollover and recurring benefit payment processing from any custodial source

As your trusted partner in creating cost-effective retirement distribution strategies, PenChecks works tirelessly to create products and services that help you work smarter and more efficiently while reducing risk.

PenChecks - Save Time, Reduce Risk, and Lower Operating Costs: Call 800.541.3938 or .