Recurring Benefit Payments
If recurring payments are draining your staff’s time and resources, PenChecks has a specialized service just for you! Our Client Tested Payment Processing Service makes timely participant payments for you while keeping you compliant with all regulatory requirements. A flexible program specifically designed to meet the needs of plan providers, administrators and sponsors, our recurring payment system:
A Complete Recurring Benefit Payments System
Fast, easy and convenient for you and your plan participants, our client tested Processing Service disburses funds via check, ACH or pre-paid debit card. And we do more than just make recurring payments in a timely manner. PenChecks also:
- Withholds federal and state taxes, remits taxes to taxing authorities, and files all necessary tax returns, including 1099R, 945 and 1096
- Performs weekly death audits and provides an annual participant tax withholding inquiry
- Monitors and resolves all returned or uncashed disbursements
- Performs address searches as needed
All of this for one low fee, depending on your selected recurring payment system schedule.
Recurring payment processing can be a tedious and time consuming process that reduces the productivity of your staff – especially with plans that have large numbers of participants. And if you make quarterly or monthly payments, your administrative costs can go even higher. That’s why it makes sense to outsource your recurring payment processing to PenChecks, the leader in benefits distribution processing.
Each year, PenChecks processes nearly a billion dollars in benefit distribution payments. Our expert staff has years of experience managing recurring payments for plans of all sizes. And we have the regulatory knowledge to ensure your recurring payments comply with all ERISA requirements.
Count on PenChecks for reliable, on-time payment processing that saves you time and reduces the administrative workload of your staff!
Enroll in PenChecks’ Certified Payment Processing Service Today!
For further assistance, call our Client Service Center at (800) 541-3938.