Scott Okrasinski, VP and National Sales Director, PenChecks Trust®Scott Okrasinski, VP and National Sales Director
The appeal of having a secure post-retirement income is undeniable for most individuals. Yet, while the act of transferring funds from a 401(k) to an individual retirement account may seem simple, it is full of bureaucratic challenges, administrative hardships, and difficult investment decisions for the account holder. This often puts financial institutions, third-party administrators (TPAs), advisors, and plan sponsors in a tough spot, impeding smooth individual retirement account (IRA) rollovers.

Mishandled account transitions can cause account holders to lose sight of their funds, forfeit crucial tax benefits, make ill-considered investment decisions, or worse, take a taxable cash distribution because the rollover process is too complex, having long term impact on the individual’s retirement savings. Navigating this complex financial terrain demands precision to ensure a seamless transition. PenChecks’ NextLevel IRA is a game-changing solution.

A state-chartered non-depository trust company, PenChecks Trust is a trusted, independent provider of outsourced retirement fintech services. Its comprehensive suite of retirement distribution services – specially designed for institutions, record keepers, asset manager, TPAs, advisors, and plan sponsors – helps meet plan distribution needs while being responsive and flexible to their requirements. Combining retirement benefit processing expertise, innovative services, and secure technologies, PenChecks empowers clients to save time and money and effectively serves their customers.

PenChecks has always focused on delivering valuable solutions to clients, including simplifying the process for the participants and account holders to efficiently find, claim, and manage their retirement benefits.

“We’re not a direct-to-consumer solution provider, but a technology company that provides an IRA solution geared toward helping industry service providers grow their assets under management, while helping retirement plan participants achieve better retirement outcomes,” says Scott Okrasinski, VP and National Sales Director at PenChecks.

The NextLevel IRA solution serves as an advisor-managed account system designed to make the lives of advisors and record keepers easy. Crafted with precision, it takes time-consuming administrative tasks off their plates while streamlining the operational workflows. This dynamic tool acts as the catalyst for seizing in-plan rollover opportunities by empowering advisors to seamlessly identify and enable the distribution of assets from clients’ retirement plans. It becomes the linchpin for capturing eligible rollover prospects and guiding them toward astute investment choices in their retirement savings journey.

Unveiling additional assets beyond 401(k) plans, PenChecks’ NextLevel IRA solution allows advisors to craft comprehensive financial strategies towards a substantial monetary return post-retirement. It bridges the gap between advisors and clientele, helps foster sound financial decision-making during rollover periods, and elevates the advisory experience by transforming challenges into opportunities.

We’re not a direct-to-consumer solution provider, but a technology company that provides an IRA solution geared toward helping industry service providers grow their assets under management, while helping retirement plan participants achieve better retirement outcomes

PenChecks association with record keepers enables advisors to pinpoint and pursue rollover opportunities. Through a collaborative effort with record keepers partnered with the firm, advisors gain swift access to automated identification of individuals who left a job with a specific target balance. This initiates digital campaigns that help engage the participants early in the process and significantly enhance the likelihood of securing a rollover. The ability to identify these opportunities before they surface sets PenChecks apart as a proactive and competitive solution in the financial landscape.

The NextLevel IRA platform also enables advisors to digitally connect with their investors to engage in meaningful discussions about post-retirement income expectations. It elevates transparency and provides personalized projections, empowering advisors to guide clients through their financial journey via automated technology. Unlike traditional approaches fixated on the account balance, NextLevel IRA shifts the focus to the projected post-retirement income. This allows investors to envision a potential monthly drawdown upon reaching retirement age.

PenChecks advisor-managed IRAs craft a narrative of financial well-being and security for individuals embarking on retirement lives. NextLevel IRA’s capabilities make PenChecks the ideal partner for clients looking to streamline operations and optimize customer experiences.