For more stories like this, sign up for the PLANSPONSOR NEWSDash daily newsletter.
Products November 16, 2020
PenChecks Streamlines Retirement Distribution Processing
The firm says its new platform is meant to make it easier to handle retirement plan distributions.
Reported by Lee Barney
PenChecks Trust, a provider of outsourced benefit distribution services and individual retirement accounts (IRAs) used to roll money into for missing participants, has launched a new platform, Amplify, to make it easier for third-party administrators (TPAs), plan sponsors, recordkeepers and participants to handle distributions from retirement plans.
“PenChecks has carved out a niche in the retirement plan by developing highly efficient distribution technologies that automate repetitive, time-consuming processes,” says PenChecks President and CEO Spiro Preovolos. “Amplify enables our clients to manage payment options and track results faster and easier than ever while receiving a clear, up-to-date view of their payment status.”
PenChecks Director of Product Kelsey Wolstencroft describes the platform as “a holistic solution for retirement payment/benefit needs, combining intuitive navigation with robust functionality for better processing and tracking of benefits.”
The platform also includes security upgrades to help protect data. The dashboard has been designed to put the most relevant information in front of users. Data can be uploaded to the portal in multiple formats, and recurring payments can be scheduled. Participants also are guided on how to submit benefit elections.