PenChecks Trust, a benefit distribution processing firm, and PensionSoft Corporation, a provider of software to retirement plan third-party administrators (TPA) and actuarial services firms, have agreed to integrate their software products to facilitate benefits processing for their clients.
By linking its software directly to PenChecks Trust’s “P3” online benefits processing portal, PensionSoft will enable its clients to access a suite of benefits distribution services.
“We are extremely pleased to be joining forces with our partners at PenChecks Trust,” says Scott B. Moss, CEO of PensionSoft. “Integrating our two platforms leverages the capabilities of each company and provides customers an even more efficient solution for pension administration.”
Bringing together the platforms should streamline processes starting from the point that a participant is considering retirement through generation of the actual benefit payment from the trust, according to the firms. Customers will save time and see a sharp reduction in the potential for error.
Using PenChecks Trust’s web portal, PensionSoft software users will able to initiate benefit payments with the push of a button, and integrate with PensionSoft’s Worktrack to provide a full audit trail of pension payment processes. The software will also eliminate manual entry of benefits information
“We are proud to have been selected to partner with PensionSoft,” says Peter Preovolos, president and CEO of PenChecks Trust. “When their clients link to our web portal, they can quickly set up distributions, sign up for auto rollover IRA or missing participant/uncashed check services, and much more. We’re constantly looking for new and better ways to streamline the benefits distribution process, and this partnership represents a good example of how we often team up with prominent technology companies to better serve retirement industry clients.”