Full Service

Fast, Affordable Benefit Payment Services

Get One-Stop Shopping with PenChecks Full Service Payment Processing (formerly Check Plus)

Streamline your pension distribution processing with PenChecks’ Full Service pension plan distribution processing. Designed for plan providers, administrators and sponsors who want to lighten their workload, PenChecks helps you easily and efficiently manage all your retirement plan distribution options from benefit election to 1099R forms.

This premier level of service automatically includes PenChecks’ market-tested lead generation program for plan brokers and financial advisors. Taking advantage of PenChecks’ Full Service Payment Processing allows you to implement this automatic lead generation notification back to your brokers and financial advisors without any additional cost or requiring any additional infrastructure.

Benefit Payment Services that Meet All Your Needs

At PenChecks, we know that you want to provide plan participants the easiest and quickest way to submit their benefit elections and collect their retirement funds. You also want to control costs and making efficient use of your staff’s time and resources. We help you do both with our Full-Service Payment Processing.

As the leader in pension plan distributions, we offer a turnkey benefits payment services solution that handles all your retirement plan distribution options in the most efficient manner possible for plan participants and your internal resources. This comprehensive service includes:

    • Confirmation of Assets – Upon receipt, PenChecks emails confirmation of all plan assets for distribution.
    • Lead Generation – Prior to sending out participant benefit election details, PenChecks will notify plan brokers and advisors of all pending distributions that meet the broker’s threshold desires.
    • Participant Notifications – PenChecks notifies participants of pending distributions and provides them secure PIN access to the PenChecks Participant Benefit Election Site. Upon receipt of the notification, participants have encrypted 24/7 access to complete their benefit election.
    • Participant Benefit Elections – Participants log in to the secure site, review their participant and account details and select their preferred distribution option. Participants can provide details to roll their money over to take a cash lump sum distribution. The PenChecks Participant Benefit Election Site walks participants through the step-by-step process, collecting all required information and elections and ensuring no mistakes are made. PenChecks’ proprietary tax engine handles all required and elective tax withholdings in all 50 states. Participants can digitally sign for and submit their benefit election with no paper or mailing return forms required*. Paper benefit election forms are available for those participants who prefer not to complete their election online.

* Some benefit elections with Qualified Joint & Survivor provisions may require the return of a notarized form that, if necessary, will be provided to participants during their online benefit election process.

  • Disbursement of Funds – Based upon each participant’s benefit election, PenChecks distributes funds via check, wire, ACH or pre-paid debit card.
  • Tax Withholding & Remittance – PenChecks handles all mandatory and voluntary federal and state tax withholding and remittance to the proper agencies. PenChecks also files all required corresponding tax forms.
  • Monitor & Resolve – PenChecks monitors and resolves all expired participant notices and returned or uncashed plan disbursements. Once you establish a Full Service Distribution, you can have true piece of mind knowing that there is nothing else you will need to do.

When you utilize our Full Service Processing for retirement plan distributions, you get free 24/7 access to PenChecks’ online distribution system, where you can review history and distribution status, generate reports, make additional requests and edit information if need be.

Sign Up for PenChecks Full-Service Benefit Payment Services Today!

  1. Click here to set up an account and register your plan(s). It only takes a few minutes to complete.
  2. Forward participant assets for distribution to PenChecks. Click here for detailed check writing and wire instructions.
  3. Create a Full Service Processing distribution and manage the entire process in one easy online portal. Requests can be made individually or via bulk upload.

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

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