Northern Trust Will Provide Defined Contribution and Defined Benefit
Outsourcing, Employee Communications, Web-Based Pension Modeling, And
Comprehensive Benefit Statements for $9.8 billion in Pension Plan Assets
CHICAGO, Jan. 5 /PRNewswire/ -- The Northern Trust Company
(Nasdaq: NTRS) announced today that it has won the business to provide
Motorola, Inc. (NYSE: MOT) defined contribution and defined benefit
outsourcing, employee communications, web-based pension modeling, and
comprehensive benefit statements for $9.8 billion in pension plan assets for
over 130,000 Motorola plan participants.
"We are pleased that Motorola has chosen Northern Trust to service their
retirement plan needs," said Barry G. Hastings, President and Chief Operating
Officer of the Northern Trust Company. "We've had a longstanding custody
relationship with Motorola, and we are proud to be able to offer a complete,
integrated retirement outsourcing solution."
Full outsourcing services for the defined benefit plans and the defined
contribution plan will begin mid year 2000. Daily valuation recordkeeping
supported with call center, internet, and voice system technology will enable
Motorola's global workforce to keep in touch with their retirement programs
24 hours a day, seven days a week. Comprehensive employee communication
services and year-end benefit statements will also help Motorola employees
understand the value their retirement programs provide.
To prepare for a participant based pension formula decision to be made in
April of next year, comprehensive employee communications materials,
personalized pension formula illustrations, and an interactive web site have
been developed to assist employees in making a choice that best fits their
needs. Upon the beginning of live services, these same tools will remain to
help employees manage their future benefit needs.
"Our selection of Northern Trust was based upon finding a partner that is
committed to continuous quality improvements through technology. We believe
that with Northern Trust we have found that partner," said Rick Dorazil, Vice
President, Global Rewards, Motorola, Inc. "Northern Trust's technology,
expertise, and willingness to customize made it possible for us to combine all
of these activities with one provider."
"By leveraging the integration of our defined benefit/defined
contribution/custody capability, we are able to provide a seamless turnkey
outsourcing operation. This capability is core to the requirements Motorola
had set forth when searching for a world class retirement provider," said
Dennis Sain, Chief Operating Officer of Northern Trust Retirement Consulting,
L.L.C.
The Northern Trust Company ( http://www.northerntrust.com ) is a
multi-bank holding company with worldwide locations and provides master trust,
global custody, treasury, retirement, risk and performance and investment
management services for corporations and large institutions. As of September
30, 1999, Northern Trust had $1.38 trillion in assets under administration,
and over $262.8 billion in assets under management.
SOURCE The Northern Trust Company
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Related links:
http://www.northerntrust.com
CONTACT:
Richard Jurek of Northern Trust, 312-444-5281
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