oil and natural gas plays, we continue to generate the most value from our operations through capital efficiencies, reduced expenses and strategic production.
Uncashed and stale-dated checks can also come in the form of uncashed fees paid from plan assets and rollover payments that have gone uncashed.
If participants can’t be found, we provide an efficient, compliant process for escheating the funds to the proper state authorities.
When Pen Checks receives the participant’s name, last known address, social security number and plan funds from the institution representing the uncashed or stale-dated benefit check, we: When a missing distributee program participant is located, Pen Checks adjudicates their claim, verifies their identity, and transfers the funds to their control.
If no claim is made, we escheat the TSA in accordance with the law of the state of the participant’s last known residence.
We also issue an annual 1099-INT until the funds are claimed or escheated.
Throughout the process, we assume full responsibility and liability for managing the funds, thereby removing your fiduciary risk.
Pen Checks’ missing distributees trust solutions have been helping plan providers, sponsors and administrators resolve the challenges of managing uncashed and stale-dated retirement checks for more than two decades.
Our market-tested outsourcing service can save you time and money, resolve compliance issues, and ease the administrative stress involved in managing uncashed or stale-dated retirement checks.
As part of our missing distributee program, we also offer lump sum distribution solutions.
Pen Checks Missing Distributees, LLC, a leading provider of missing distributee solutions, was formed for the sole purpose of: Once the individual TSA has been established, Pen Checks’ missing distributees program uses its best efforts to locate the beneficiary of the funds and register them with the National Registry of Unclaimed Retirement Benefits.
If unable to do so, we escheat the funds in accordance with appropriate state regulations.
Pen Checks Missing Distributees, LLC serves financial institutions including banks, insurance companies, trust companies, brokerage firms, mutual funds and other select corporations, who offer administration and custodial services to ERISA qualified plans.