Benefit Payments

Salem Trust has never missed an authorized and verified benefit payment to any retiree. Even while issuing more than 80,000 monthly benefits, and 1,500 one-time (lump sum) payments every year, neither hurricane nor snow storm has prevented us from our trusted duty. And 99.99% of monthly benefit payments are received on the first payment date of the month.

Our pension plan clients know how committed we are to retiree services. We never outsource our client service, so plan participants always receive prompt assistance if they have a question or problem. We strive to make retiree’s lives stress-free, and retirement plans easier to manage.

Clients appreciate the many extra things we do for them. We generate monthly reports of ineligible pensioners, and issue pension payments via ACH or debit card, the safest, fastest and most convenient methods available. And because service providers can change, Salem Trust can confirm end dates with plan administrators.

The many online benefit payment reports also include:

  • Periodic payment history
  • Periodic changes from a specific payment cycle
  • Periodic gross-to-net on active and inactive participants
  • Periodic account balance
  • Periodic check register
  • Lump sum check register
  • Deduction reports
  • 1099-R forms
  • Mailing labels for periodic or lump sum payees

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