PenChecks Trust is the largest independent provider of retirement plan distribution services, including benefit payments processing, setting up and maintaining Default IRA’s, finding missing participants, handling uncashed checks, and more.


Automatic rollover (Default) IRAs provide a safe, cost-effective tool for managing plan assets for participants who have gone missing or fail to respond to benefit election requests. PenChecks rollover IRAs help retirement plans avoid unnecessary retirement plan administration expenses while reducing a plan trustee’s fiduciary exposure. PenChecks’ Premier IRA Fiduciary Services includes:


  • Advanced participant searches complying with all Department of Labor requirements.
  • First class mail and certified mail notices to participants notifying the participant of the pending distribution. The letter includes instructions on how to make a benefit election and indicates that a Default IRA will be established if the participant does not respond within 45 days.
  • Notices to designated beneficiaries requesting their assistance in locating the participant.


When PenChecks receives an elective response from a participant within 45 days, PenChecks confirms their identity and invites the participant to visit the PenChecks secure participant benefit election website to make their benefit election. A distribution is processed accordingly, including all tax withholding, remittance, reporting and 1099Rs. If participants do not respond or provide an elective response, a Default IRA is established and maintained including registering the participant with the National Registry of Unclaimed Retirement Benefits and filing all tax reporting and 1099-Rs.