Technological Integration Simplifies Distribution Workflow

Clients will be able to input distributions in one company's system and automatically send the data to the other company, instead of inputting the information again. 

PenChecks Trust and PensionPro have teamed up to build a software integration that will streamline processes for clients of the two companies and to automate the distribution workflow process managed by Pension Pro.

With this integration, the distribution process becomes simplified, as PensionPro clients are now able to begin distributions in PensionPro and automatically send material to PenChecks Trust—without having to rekey data. Additionally, the process will automate involuntary distributions to Automatic Rollover individual retirement accounts (IRAs), originally used for past missing or non-responsive plan participants.  

Clients of both companies will also be able to utilize this process at no extra cost.

“Managing retirement plan distributions is a complex and time-consuming process,” says Peter Preovolos, president and CEO of PenChecks Trust. “When making thousands of distributions, as many TPAs [third-party administrators] and recordkeepers do, realizing automated efficiencies can result in significant savings of time and administrative costs. Whether it’s through the continued development of our own P3 platform or by partnering with industry leaders such as PensionPro, we remain committed to providing our clients the latest retirement plan technologies in order to streamline processes and lower administrative costs.”

More information on the integration can be found here