Today we’d like to introduce you to Peter Preovolos.
A founder of PenChecks, Inc., Peter Preovolos has enjoyed a long and very successful career in the employee benefits industry. It began in 1966 at Wells Fargo Bank, where he was soon promoted to head up the bank’s employee benefit trust administration and asset management services. In 1974 he joined Southern California First National Bank as Vice President and Senior Pension Consultant in charge of statewide employee benefit trust services. In 1979, he left the banking industry and became CEO of Alpha & Omega Financial Management Consulting Inc, a third-party administration (TPA) and asset management firm. In 1994 he and 20 other TPAs joined forces in forming PenChecks, Inc. where he was elected CEO and President of the PenChecks family of companies.
An acknowledged leader in the pension benefits distribution field, Peter holds professional designations as a Registered Investment Advisor (RIA) and an Accredited Pension Administrator (APA). He is one of approximately 300 people in the U.S. to earn the prestigious credential of Accredited Investment Fiduciary Analysts (AIFA).
“Peter was the first to come up with the Missing Participant/Default Ira Program. This helped PenChecks grow its name to become the leader of Benefit Distribution Payment Services. He is always one step ahead of our competitors because of his amazing Entrepreneurial skills. He leads the way for others in the industry.” – Melissa Sickinger, PenChecks Inc. Trust Manager
“Peter is a recognized authority and source of information within the Retirement Plan industry. His reputation as a thought-leader and innovator is well known and respected. He is often sought for various public speaking engagements, specifically at industry conferences/events.
Peter is very involved with his church community and was the Founder of the Greek Folk Dance Festival (FDF), and ran the festival for nearly 35 years before stepping down in 2010. This program gathers 100 to 120 folk dancing teams from around the world to compete in a Greek Folk Dance Competition. Peter has also served as President of the Grossmont Hospital Foundation Board, Senior Chair of the National Conference of Christians and Jews (now known as the National Conference of Community and Justice), as well as served on many other boards within the community. Peter is a true servant-leader!” – Wendy Henderson, PenChecks Inc. Vice President of Operations.
In 2000, the City Council of San Diego appointed him to the San Diego City Employees Retirement System, who, after his appointment, was elected its President during the systems most transformational period in its history. He successfully restructured and preserved the system’s integrity, and remained on the Board until 2005.
“In 1994, he created the back-office function of distribution processing for qualified retirement plans and is the one who in invented the Default Missing Participant IRA five years before Congress enacted EGTRRA. When this was developed, regulators looked to Peter and PenChecks for guidance when writing the rules. He spearheaded the debit card for the retirement industry primarily for the underbanked participants. His articles are frequently published in professional journals in the pension industry.
In the last year alone, Peter has led the company in a turn around by introducing innovative solutions, like leading the company to partner with Bank of America/HSBC. He is a Board Member of the Futurist Society and is always looking forward. Peter has assembled a team for a successful succession.” – James Hensel, PenChecks Inc. CFO.
Overall, has it been relatively smooth? If not, what were some of the struggles along the way?
I don’t think any business owner can confidently say that they’ve had a smooth road. The biggest challenge we faced from the beginning was creating a service that did not exist and creating a program that would support the ideas we had. The next challenge was showing our clients that they had this need and that we could resolve it.
Alright – so let’s talk business. Tell us about PenChecks – what should we know?
PenChecks is a privately held company that provides a complete suite of retirement distribution services and unique regulatory support. Headquartered in La Mesa, California, we combine more than 24 years of retirement benefits processing experience with innovative technologies to help institutions, administrators, advisors and plan sponsors save time and money while serving their clients more effectively.
PenChecks is led by President and CEO Peter E. Preovolos. A registered investment advisor (RIA) and accredited pension administrator (APA), Preovolos is one of the few people in the U.S. to earn the prestigious credential of accredited investment fiduciary analysts (AIFA). PenChecks is guided by an eight-member board of directors that includes professionals with diverse backgrounds in the financial services industry. Six of the board members currently run or have overseen their own third-party administration, actuarial or investment advisory firms. The PenChecks board includes industry experts and financial services, professionals. Each board member has more than 30 years of industry and banking experience, giving PenChecks a distinct knowledge advantage in providing payment and related distribution services.
As a leader in the retirement distribution service industry, PenChecks provides outsourced partner solutions for benefit payment distributions, Default and Missing Participant IRA programs, uncashed check solutions and abandoned plan services. We provide retirement distribution services for companies of all types and sizes, including some of America’s biggest household names, such as Florida Marlins Baseball, Jelly Belly, Payless Shoes, PayPal and YMCA.
The PenChecks family of companies is a strategic creation of entities specifically designed to deploy its suite of services in the most efficient, cost-effective manner possible while minimizing risk and exposure to its clients.
-PenChecks Trust™ Company of America (PTCA)
The main processing agent, PTCA is a state chartered and regulated trust company headquartered and operated in South Dakota providing solutions that include qualified termination administrator (QTA) services to institutions for abandoned retirement plans. PTCA also offers a full line of IRA, 403(b), and 401(k) products to meet the diverse needs of advisors and institutional service providers.
-PenChecks, Inc.
PenChecks, Inc., the parent company, is an innovator and leader in benefit distribution processing and related services. PenChecks helps financial institutions, plan providers, third party administrators, financial advisors, and plan sponsors with efficient, compliant benefit distribution processing and related services.
-PenChecks Missing Distributees (PMD)
PMD helps companies and institutions effectively and legally manage the growing challenge of uncashed checks and other distributions yet to be claimed by plan participants through a complex and laborious process of searching for missing participants and handling the escheatment process of funds as required by state laws.
-The National Registry of Unclaimed Retirement Benefits (NRURB)
NRURB is a public service, a free-use company committed to helping individuals locate their lost or abandoned retirement benefits. Learn more at www.UnclaimedRetirementBenefits.com. Click here for more PenChecks company information.
Any shoutouts? Who else deserves credit in this story – who has played a meaningful role?
The stockholders of PenChecks are the driving force to our success. As well, I am incredibly blessed with the most spectacular Management Team, made up of Operations, Finance, Audit, Trust, Marketing, Sales, and IT professionals.
Contact Info:
- Address:8580 La Mesa Blvd., Suite 100 La Mesa, CA 91942
- Website: penchecks.com
- Phone:800-541-3938
- Email:info@penchecks.com
- Facebook:https://www.facebook.com/PenChecksTrust/
- Twitter:https://twitter.com/PenChecks
Image credit:
Amanda Noel Photography, Alon David Photography
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