PenChecks Names Mike McWherter New Chief Compliance Officer

LA MESA, Calif., April 16, 2012 /PRNewswire/ -- The nation's leading independent provider of outsourced retirement distribution processing services has a new chief compliance officer. PenChecks, Inc. welcomes Mike McWherter as the firm's new chief compliance officer. McWherter comes to PenChecks with more than 20 years of combined corporate law and ERISA plan compliance experience. McWherter will oversee all compliance issues, supervise regulatory audits and coordinate between outside corporate counsel and ERISA counsel.

"Mike brings tremendous knowledge and expertise of how ERISA and DOL regulations interact with other federal and state regulations and we are confident he will be vital to the future growth of PenChecks," said President and Chief Executive Officer Peter E. Preovolos, APA, RIA, AIFA. "We are honored to have him join our team."

McWherter previously served as vice president and chief compliance officer at the Memphis, Tenn.-based First Mercantile Trust Company where he designed, implemented and guided company-wide compliance programs for qualified ERISA plans.

About PenChecks, Inc.

Established in 1994, PenChecks is the largest and most trusted independent provider of outsourced benefit distribution services in the U.S. Since its inception, PenChecks' commitment to marketplace innovation and ever-increasing service standards has made it an industry leader. The company provides institutional solutions for retirement plan distributions, class action settlement payments, and other arrangements that require compliance management and high-volume processing efficiencies. In 2011, PenChecks processed half a billion dollars in retirement distribution payments. More online at http://www.penchecks.com.

Contact:

Heike Fischer
Executive Asst. to Peter Preovolos
(619) 462-9433

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SOURCE PenChecks, Inc.