August 2nd, 2021 by PenChecks Trust
Microsoft has announced that it is ending technical support for Internet Explorer (IE) for online services on August 17, 2021.
September 25 – 27
March 12th, 2021 by PenChecks Trust
For Immediate Release: iJoin and PenChecks Automate Force-out IRA Processing – The new seamless integration improves operational efficiency and client service year-round
November 16th, 2020 by PenChecks Trust
PenChecks Trust®, the largest independent provider of outsourced benefit distribution services and Automatic Rollover/Missing Participant IRAs in the U.S., is proud to announce the launch of its latest technology innovation – Amplify.
November 3rd, 2020 by PenChecks Trust
PenChecks Trust® Company of America (PenChecks Trust) and the American Society of Pension Professionals & Actuaries (ASPPA) are pleased to announce the opening of applications for the QKA Scholarship Program for ASPPA’s Qualified 401(k) Administrator (QKA) credential program.
To paraphrase the words of President Franklin Roosevelt, “2020 is a year that will live in infamy”. We’re only halfway through the year, yet the COVID-19 pandemic has already shaken our world in ways nobody could have foreseen…
PenChecks Names Spiro Preovolos New CEO
PenChecks Founder to Retire After 25 Years of Innovation and Success
June 10th, 2020 by PenChecks Trust
The Board of Directors for PenChecks, Inc., a leading provider of retirement plan distribution services, announced today that company President Spiro G. Preovolos has been elected as the new CEO.
June 1st, 2020 by PenChecks Trust
The COVID-19 pandemic has turned everyone’s world upside down – especially for companies that have been forced to work remotely.
March 24th, 2020 by PenChecks Trust
The COVID-19 virus is disrupting business in ways none of us could have anticipated. During this difficult time, PenChecks is fully prepared to support you in keeping your business operating as smoothly as possible.
March 4th, 2020 by PenChecks Trust
An experienced technologist, Peace previously worked with a number of successful startup firms, including several in fintech, helping them develop the technology tools and systems to fuel their rapid growth.
At PenChecks Trust™ we’re in the business of providing solutions to the retirement plan industry. Most of those solutions involve payment processing services and the care and administration of missing participant assets.
June 26th, 2019 by PenChecks Trust
PenChecks Trust Company of America (PenChecks Trust) and the American Society of Pension Professionals & Actuaries (ASPPA) are pleased to announce the opening of applications for the QKA Scholarship Program for ASPPA’s Qualified 401(k) Administrator (QKA) credential program.
April 30th, 2019 by PenChecks Trust
Fair Warning: The retirement plan space loves its abbreviations and acronyms. And the DOL is no exception. I certainly use them (sometimes to the dismay of my colleagues).
There’s a lot happening in the world of unclaimed property. The Little Book of Missing Money: A Quick and Easy Guide to Finding Money that is Rightfully Yours…
Today’s pension industry, currently estimated at $29 trillion in value , contains many complex and frustrating regulations. It is also an industry that, in some respects, seems a bit disjointed due to the number and variety of players catering to the private and public retirement sectors.
December 19th, 2018 by PenChecks Trust
Spiro Preovolos, a member of the PenChecks team for 17 years, has been promoted to President. Bryan Pruden, a former senior executive for Intel Corporation, SAIC and Celergy Networks, has been hired to serve as the company’s new COO.
August 14th, 2018 by PenChecks Trust
Managing uncashed pension checks presents a complex, time-consuming problem for plan sponsors, TPAs and financial institutions. The task becomes even more difficult when taxes are taken out of the distribution. Fortunately, there is a solution; one that enables you to do the right thing by plan participants and the Department of Labor. Learn how to protect your plan by handling taxed uncashed checks in a compliant manner in “The Right Way to Manage Taxed Uncashed Retirement Checks,” authored by PenChecks Trust Chairman and CEO Peter Preovolos.
May 8th, 2018 by PenChecks Trust
Have you ever wondered about the rationale behind required minimum distributions (RMDs) from retirement plans? Retirement plans were designed to help build retirement nest eggs by deferring taxation on the contributions and earnings until the funds are withdrawn after age 59½ for use during retirement.
April 24th, 2018 by PenChecks Trust
No plan sponsor or TPA likes dealing with uncashed retirement checks. However, when a former employee fails to cash their distribution, the employer still has fiduciary responsibility for the funds. Conducting search efforts to locate the “missing plan participant” takes time and money, and often fails to locate the participant.
April 11th, 2018 by PenChecks Trust
These days, problems related to missing and nonresponsive retirement plan participants are causing more problems and creating more uncertainty for plan sponsors and administrators. For example, Lines 4l of Schedules H and I of Form 5500 and line 10f of Form 5500-SF ask, “Has the plan failed to provide any benefit when due under the plan?”
December 12th, 2017 by PenChecks Trust
In parts one and two, we provided some basic guidelines to help plan administrators understand what is involved in paying the correct beneficiary the correct amount and avoid costly mistakes. In this article, we address the beneficiary options available to the surviving spouse of a deceased plan participant.
November 20th, 2017 by PenChecks Trust
Our first article in this 3-part series focused on the importance of plan administrators understanding how to pay the correct beneficiary the correct amount, and the consequences that can result when they don’t. In this second article, we address the regulatory beneficiary options outlined in the April 17, 2002 RMD regulations and their role in paying out beneficiaries.
November 13th, 2017 by PenChecks Trust
Most TPAs don’t wake up first thing in the morning thinking about qualified plan beneficiary rules. However, improper payments due to lack of knowledge about these rules can have unwanted consequences.
November 9th, 2017 by PenChecks Trust
America has a nationwide retirement savings gap. Some have even called the shortfall between retirement income and projected expenses a retirement savings crisis. Fidelity Investments says that you need to accumulate three times your income at age 30, seven times your income at age 55, and 10 times your income at age 67 to fund your retirement.
October 20th, 2017 by PenChecks Trust
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.
September 14th, 2017 by PenChecks Trust
At PenChecks Trust, we believe in helping people, doing the right thing and making complicated things simple. In Keeping with these core values, and in light of the devastating effects […]
August 28th, 2017 by PenChecks Trust
The day of reckoning for brokers and others who have been giving investment advice may get farther away. The Department of Labor (DOL) says it has now requested an additional delay until July 1, 2019 for additional exemption requirements of the Fiduciary Rule.
Required minimum distributions are a small but important part of retirement plans. Failure to start making them on time can lead to problems for employers and plan participants. Code section 401(a)(9) requires every qualified plan to begin required minimum distributions (RMDs) on the required beginning date (RBD)…
Here we are, already half-way through 2017. It’s been an interesting six months, to say the least, especially with the implementation of the new Department of Labor (DOL)
July 11th, 2017 by PenChecks Trust
Good plan communications are an important part of administering a retirement plan. They help participants understand the basic plan rules, which are not easily found in the technical plan documents.
May 16th, 2017 by PenChecks Trust
This is part three of a 3-part series on Participant Education. More than half (54%) of pre-retirees are reported to have less than $150,000 in their 401k accounts.