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| In 1993 under the direction of Alpha & Omega, Inc., fourteen
Third Party Administrative firms came together to form a joint venture. The purpose
of the joint venture was to provide retirement plan distribution support services to the
pension industry. By 1994 the joint venture was incorporated under the name
PenChecks, Inc. As the appointed agent to the plan sponsor, PenChecks processes retirement plan distribution benefits to the participants or other plan beneficiaries through a special Trust. Distributions are transferred to the PenChecks, Inc. Employee Benefit Distribution Trust; the Trust custodian is either California Bank & Trust or Fleet Bank. The Trust is exempt from the creditors of PenChecks. Each plan sponsor is a creditor to the trust to the extent of their funds transferred to the trust and not paid over to the terminee. PenChecks is responsible for obtaining all releases, preparation of Form 1099-R's and the preparation of the Form 945 and all filings with the State and Federal governments. All tax filings are processed with the appropriate governmental agency electronically. We at Alpha & Omega, Inc. are proud to be partner of
PenChecks, Inc. You may visit their web site at: |
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Alpha & Omega, Inc. Financial Management
Consultants |
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