Streamline the benefits distribution processing process
The Cornerstone Group is a full benefits advisory firm that manages all distributions for their 700 benefit plan clients. The entire process was managed by just two individuals and at some point they needed to find a trusted partner to support the process. Additionally, in January, 2011 the IRS changed its guidelines such that tax payments could no longer be submitted via paper check; they had to be made via ACH to the IRS website. Many plans didn’t have accounts and The Cornerstone Group wasn’t registered nor set-up to send payments to the IRS through ACH.
The PenChecks Solution
PenChecks provided a turnkey solution that helped solve Cornerstone’s problems. PenChecks is registered in every state and have moved all of Cornerstone’s payment processing on-line. PenChecks is able to seamlessly process payments through a very simple process – where Cornerstone sends PenChecks one e-mail with payment instructions, and it gets done. To complete the process, PenChecks also submits all tax payments and handles 1099R reporting requirements.
Working with PenChecks for benefits processing and distribution needs has made the Cornerstone team much more effective and efficient, as the payment processing time has improved by 60%. The client feels like they have a trusted, reliable partner who they can count on to do what they say they’re going to do.