Plan Participants

Safe, Secure Distribution Services for Plan Participants

While providing expert service to retirement plan advisors, third-party administrators, and plan sponsors, PenChecks also works hard to ensure the highest quality experience for plan participants. Our pension plan distributions are the fastest and most efficient in the industry.

VIDEO: Do We Have Your Money?


Reclaim Your Retirement Funds from PenChecks Trust. Learn more.

If you’ve been directed by your retirement plan sponsor to contact PenChecks Trust about your account, you may be wondering how PenChecks came to be the custodian of your assets. We created a short video that explains what can happen to retirement accounts after an employee leaves a former employer. This video shows how PenChecks Trust helps, and how you can initiate the process to reclaim your retirement funds.

Online Benefit Elections

All plan participants are entitled to benefits distributions elections. At PenChecks, retirement plan participants can take advantage of our proprietary online participant benefit election website to conduct their elections quickly, securely and efficiently. Rather than slogging through a mountain of paper, plan participants can make and authorize their benefit elections in one fast, user-friendly web session.

Participants can select from different distribution and payment method options, and can even choose the delivery method to ensure the greatest flexibility and convenience. They can also access all required government notices and information online, and easily print hard copies for backup.

Plan Participant Help for Benefit Elections

To help make informed benefit elections decisions, PenChecks provides plan participants with free access to our corporate website, our online participant benefit election website, and our client service specialists call center. Participants can access the information they need and get answers to any questions about their benefit election forms and the submission process. Our friendly service specialists can also answer questions about distribution processing in general, as well as election requirements for each kind of distribution. These services are also available to retirement plan consultants and advisors.

New Personal Rollover Options

When plan participants want to gain tax advantages by rolling over their distribution benefit to an IRA, retirement plan advisors can direct them to the PenChecks participant benefit election website. Prior to making their benefit election, participants can shop, view and select from a number of IRA providers who will accept their rollover balance. Their information is automatically transmitted so participants can complete their benefit election and roll over their funds in one quick and easy online process.

Protecting Participant Benefits

At PenChecks, we believe in protecting plan participant retirement distributions. When participant lump sum cash distribution checks go uncashed, we do not escheat the funds to the state of last origin, which can tie up the assets in endless paperwork and red tape and make it difficult for plan participants to retrieve. Instead, we:

  • Automatically restore the taxes to these original distributions, thus restoring the tax-favored qualified status of these funds
  • Open a missing participant IRA account to be held in suspense until the participant can be located

These accounts are FDIC insured, interest-bearing accounts. We maintain the account until the participant is located or until they reach age 70½, when minimum required distributions are required to be made.

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