La Mesa Company PenChecks Names Mike McWherter New Chief Compliance Officer

PenChecks, Inc., a La Mesa company, made the following announcement on April 16, 2012:

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 CEO 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.

Established in 1994, PenChecks is the largest independent provider of outsourced benefit distribution services in the U.S. 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.