Press Release

PenChecks Launches New Online Retirement Distribution Processing Platform

Issued by PenChecks Trust

Nov. 16, 2020

PenChecks Trust®, the largest independent provider of outsourced benefit distribution services and Automatic Rollover/Missing Participant IRAs in the U.S., is proud to announce the launch of its latest technology innovation – Amplify. 

More robust and powerful, Amplify offers state-of-the-art online payment processing to provide a simpler and more efficient way for third-party administrators (TPAs), plan sponsors, recordkeepers, financial institutions and plan participants to manage their retirement benefit distributions.

“PenChecks has carved out a niche in the retirement plan market 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, who led the design phase for Amplify, describes it as “a holistic solution for retirement payment/benefit needs, combining intuitive navigation with robust functionality for better processing and tracking of benefits.” Amplify also includes robust security upgrades for a higher level of data security.  

Other new or upgraded benefits include a high-level dashboard with more relevant information, multiple formats for uploading data to the portal, the ability to create and manage recurring payments, and a more guided process for submitting benefit elections payment instructions. Amplify also makes it easier for plan participants to track the status of their benefit elections and their distributions. 

“Our goal at PenChecks has always been to make life easier for our clients and their plan participants,” says Preovolos. “Amplify’s simpler intuitive design guides users through the process of setting up accounts, placing orders, and performing other distribution tasks. Clients get more done in less time, allowing them to focus more time on high-value activities to better serve their clients.”

About PenChecks Trust

PenChecks Trust Company of America (PenChecks Trust) is a state-chartered, non-depository trust company and the largest independent provider of outsourced benefit distribution services and Automatic Rollover IRAs and Missing Participant IRAs in the country. With 25 years in business, the PenChecks family of companies (www.penchecks.com ) is an expert and industry-leading provider of unique and comprehensive solutions for a myriad of trust resolution issues. Services include automated and branded solutions for benefit payment processing, uncashed / stale dated checks, Abandoned Plan/QTA services and Taxable Savings Accounts. Customers include financial institutions, recordkeepers, third-party administrators, plan advisors, and plan sponsors.

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