Author Archive

Colton Groome

August 6th, 2020 by PenChecks Trust

Colton Groome and Company is Western North Carolina’s oldest independent financial strategies firm. They specialize in helping retirement plans achieve higher performance, lower costs by keeping the plan under one roof, stay compliant and reduce liability exposure.


A Year to Remember

July 27th, 2020 by PenChecks Trust

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…

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.

The COVID-19 pandemic has turned everyone’s world upside down – especially for companies that have been forced to work remotely.

October 25 – 28, 2020

Chicago, IL

Crowe LLP

April 16th, 2020 by PenChecks Trust

Crowe LLP is the 9th largest accounting firm in the U.S., with more than 4,500 employees in 44 offices around the country. Their ESOP Practice provides retirement plan consulting and administrative services to ESOP companies.


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.

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.

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.

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.

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.

St. Luke’s Cornwall Hospital is a nonprofit hospital dedicated to serving the health care needs of residents in the Hudson Valley area of New York. The hospital sponsors a frozen pension and 403(b) plans for its employees.


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.

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.

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.

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?”

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.

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.

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.

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.

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.

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 […]

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)
fiduciary rule.

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.

A pension administration firm based in Encino, California, Greenspan & Associates, Inc. works with companies to design, implement and administer more than 500 retirement plans.


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.

PenChecks Trust Company of America (PenChecks Trust) and the American Society of Pension Professionals & Actuaries (ASPPA) are pleased to announce the renewal and expansion of the QKA Scholarship Program for ASPPA’s Qualified 401(k) Administrator (QKA) credential program.

This is the second installment of a three-part series on participant education. The next installment will discuss plan design changes that can help make participants “retirement ready”.

This is the second installment of a three-part series on participant education. The next installment will discuss plan design changes that can help make participants “retirement ready”.

This is the first installment of a three-part series on participant education. The next two installments will discuss best practices to structure an effective program and how plan design may be used to assist participants in reaching their retirement goals.

SAN DIEGO, CA — PenChecks Trust Company of America, a leading provider of outsourced retirement plan distribution services, announces the hiring of Steve Wagoner as the firm’s new Vice President of Institutional Sales.

It finally happened. After months of speculation and weeks of rumors about what the Trump administration was going to do, on Friday President Trump signed an executive order which directed the Department of Labor (DOL) to reevaluate the Fiduciary Rule (the “Rule”).

Welcome to 2017! With interest rates going up for the first time in a long time and much uncertainty about how our new president in the White House will govern, 2017 promises to be an interesting year. As I peer into the PenChecks Trust crystal ball, I foresee four main issues facing the private retirement plan sector in the year ahead.

Another ASPPA convention has come and gone, and once again the PenChecks Trust team enjoyed participating in the many learning, networking and socializing opportunities. The conference offered more than 70 workshops on topics ranging from administration and business development to investments and ethics.

PenChecks Trust, a market leader in benefit distribution processing, and PensionSoft Corporation, a leading provider of software to retirement plan third-party administrators and actuarial services firms, have agreed to integrate their software products to make benefits processing faster and easier for retirement industry clients.