Benefit Elections

PenChecks Benefit Election Service

When managing your plan’s participant benefit elections, why get bogged down with mountains of benefit election form paperwork and endless participant requests? PenChecks can save you time, money and administrative headaches with a comprehensive benefit election service that meet the needs of your plan and participants.
  • Seamless Participant Benefit Elections

    Our benefit election service offers a reliable turnkey solution for all your benefit election needs. Fully compliant with Department of Labor and IRS rules and regulations, this seamless process:

    • Monitors all participant responses, including lost or returned mail
    • Can include advanced searches to locate missing or unresponsive participants
    • Securely stores all of your benefit election records for future reference and audits
    • Works seamlessly in all 50 states regardless of where plan participants are located

PenChecks’ benefit election service also includes free access to our lead generation program. For no additional cost, Plan Brokers and Registered Investment Advisors can automatically be notified anytime you process a distribution. Thresholds can be set so your brokers and advisors only get notified for the leads they want.

Benefit Election Service Made Simple

With PenChecks, managing the participant benefit election process is as simple as 1-2-3:

  1. Establish your PenChecks Pay Portal (P3) account online and enter simple plan sponsor and plan data. Prior to requesting plan participants make a benefit election, we notify you via email of all pending distributions.
  2. You provide basic participant and account details for the distributions you need to collect a benefit election from. Information can be uploaded individually or in bulk through our P3 site.
  3. You relax and PenChecks does the rest. We notify plan participants of the pending distribution and provide them secure PIN access to make their benefit election. PenChecks deals with all participant correspondence and inquiries. We even provide you with full digital reports of all your completed and pending benefit elections.

Participants can make their benefit elections in a secure online environment 24/7. PenChecks automatically notifies you when a participant completes a benefit election form or when a participant notice expires. We also conduct participant address searches and mail notification forms as needed for returned mail, unresponsive or missing participants, and more.

Paper form processing via USPS is available if participants prefer to complete the process offline. In all cases, the bilingual PenChecks client service call center handles all participant inquiries and requests so you and your staff don’t have to.

Afterwards, PenChecks sends you a detailed report of the benefit election results. With 24/7 access to PenChecks’ Pay Portal (P3), you can review the history and status of any participant benefit election, generate reports, or make additional requests.

Sign up for PenChecks benefit election service today!

  • Click here to establish an account. There is no fee to register, and it only takes a few minutes to complete.
  • Request a benefit election distribution today. Let PenChecks handle the tedious busy work so you and your staff can focus on real revenue-generating activities.

For further assistance, call our Client Service Center at (800) 541-3938.

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