PenChecks Streamlines Distributions with BenePay

October 29, 2001 ( - Plan sponsors now might have a more efficient way to process retirement and pension benefit distribution checks, following PenChecks Inc's introduction of BenePay.

Web-based software, BenePay streamlines the process of benefit distribution elections check writing, tax deposits and government reporting and gives participants online access to full tax reports and account distribution status.

PenChecks will present an initial release of the product at the conference of the American Society of Pension Actuaries in Washington, DC this week.

The product will be available for widespread use in March 2002. Meanwhile, the company has secured four medium and large plan administrators to beta test the new software.