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Press Release iJoin and PenChecks Automate Force-out IRA Processing |
Issued by PenChecks Trust Mar. 16, 2021 |
Scottsdale, AZ: LDI-MAP (d.b.a. iJoin) and PenChecks Trust® announced today a seamless integration to process force-out IRA’s from 401(k) and other qualified retirement plans. The automated workflow identifies and confirms potential distribution candidates, performs required address verifications and notification mailings, and, importantly, sweeps funds to open new force-out IRAs for individuals who did not roll over their balances or request a distribution. ERISA provides for a force-out distribution and rollover to an IRA for terminated participants with vested balanced under $5,000. Traditionally, this process has been labor-intensive and cost-inefficient for recordkeepers. As a result, many have handled this task less frequently than would be optimal from a workflow or customer service perspective. This innovative new automated solution – available today for iJoin users with the ACT Module enabled who have engaged PenChecks to perform distribution processing – enables faster, more efficient processing to enhance productivity and customer service. iJoin’s CEO Steve McCoy said of the new partnership and integration, “iJoin and PenChecks are two organizations that exist to innovate to make retirement plans work better for those who benefit by them as well as those who serve them. This integration with PenChecks improves service quality by recordkeepers while helping them maintain compliant processes and improve internal efficiency.” PenChecks President and CEO Spiro Preovolos added “iJoin’s recordkeeper data integration complements our technology and enables the full automation of the force-out IRA process from initial screening to new account funding. It’s an important component of evolving internal workflows and we’re excited to partner with iJoin to bring this to our industry partners.” For more information: About LDI-MAP, LLC (dba iJoin) About PenChecks Trust |
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