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PenChecks Partners with WMSI to Expand Client Services

PenChecks Inc. partners with Wealth Management Systems Inc. (WMSI) to expand rollover opportunities and services.

Bedminster, NJ (October 1, 2008) - PenChecks Inc., a leading provider of qualified plan distribution services, announced today that it will integrate WMSI's IRA rollover services with BenePay, its online distribution processing platform. WMSI's rollover services will be marketed to participants whose account balances fall below their advisor's account servicing threshold. Penchecks has a robust lead generation capability in place to support brokers and advisors and sees the WMSI offering as a way to address the needs of a broader participant group who will not meet the typical advisor's servicing criteria. PenChecks Inc. will leverage WMSI's IRA services to provide exiting employees with smaller account balances a choice of IRA rollover options and a simple rollover process that supports real time IRA account openings and the timely transfer of retirement assets. Integrating these IRA rollover services will significantly enhance the support services made available to exiting employees as they navigate through career transitions and prepare for retirement.

According to Peter Preovolos, President of PenChecks Inc., â€œWe are always concerned with how to better serve our clients, and the participants in their plans. We have noticed an alarming trend in recent years that nearly half of all distributions processed are taken in cash rather than rolled over. Much of this percentage comes from balances that some participants feel no institution will want to accept because they are too small. That is simply no longer the case. This new service will not compete with the broker and advisor leads currently generated from distributions processed on our BenePay platform but, WMSI's rollover offering can be used to complement the existing plan level rollover opportunities. We chose to partner with WMSI because their platform is extremely flexible, provides our clients with control over the offerings, and is an efficient means to address the distribution and rollover servicing needs of all their terminated participants.â€

Michael Shafer, WMSI's Vice President of Relationship Management, added, â€œThe typical IRA rollover process is complex and time consuming for participants. Through WMSI's technology, participants who are recipients of distributions processed by PenChecks will now benefit from an expedited rollover process and access to the IRA rollover services they need.â€ WMSI's IRA services will be accessible to participants through the Participant Module side of PenChecks' BenePay platform in December of 2008.

About PenChecks Inc.
PenChecks, Inc. is the nation's largest independent qualified plan benefit distribution processing organization. The company offers state-of-the-art, technology-based, affordable and convenient solutions for Plan Sponsors, Institutions and Third Party Administrators. PenChecks is also the leading provider of Default and Missing Participant IRAs as well as the only provider of Missing Distributee Escrow Services. Additional information about PenChecks, Inc. is available at www.penchecks.com.

About Wealth Management Systems, Inc. (WMSI)
Additional information about WMSI is available at www.wealthmsi.com. Financial services are provided through WMSI Securities LLC, a wholly owned subsidiary of WMSI and member FINRA/SIPC.

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