- BISYS to Support Approximately 1,700 Retirement Plans
With More Than 130,000 Plan Participants -
NEW YORK, April 20 /PRNewswire-FirstCall/ -- BISYS, a leading provider of
business process outsourcing solutions for the financial services sector,
today announced that it has been selected by Philadelphia-based Delaware
Investments to provide recordkeeping and administration services for
approximately 1,700 retirement plans, representing more than 130,000 plan
participants and approximately $2 billion in assets.
BISYS will support Delaware Investments with its comprehensive suite of
technology-driven retirement plan recordkeeping and administration services,
which includes prototype plan design and maintenance, plan administration,
forms and documents, customized marketing and sales support materials,
reference resources, toll-free access to industry expertise and assistance,
extensive Web and interactive voice response (IVR) inquiry capabilities, and
Web-based planning tools and content.
According to Tom McConnell, senior vice president of tax-advantaged
product management for Delaware Investments, "We believe the combination of
BISYS' high quality services, industry expertise, and state-of-the-art
technology provides a more sophisticated solution that will enable us to
enhance the services supporting our retirement clients and our presence in
this marketplace. Key factors in our selection process were BISYS' proven
ability to seamlessly convert large plans to its recordkeeping platform, its
complete understanding of our specific business goals, and its ability to
provide the resources necessary to help us accomplish those goals."
Christopher Guarino, president of BISYS Retirement Services, said, "We
support our diverse clients with a retirement plan infrastructure that would
be practically impossible for an individual organization to develop,
implement, and maintain. We believe Delaware Investments' ability to leverage
the industry-leading recordkeeping platform, the broad array of value-added
support services, and the extensive human and technology resources residing
within our infrastructure will efficiently, effectively, and proactively
support its business development and service goals, and enable it to
strategically focus on its core competencies."
George Evans, executive vice president of business development for BISYS'
Investment Services group, said, "We believe there is no better testament to
our company-wide commitment to providing innovative products and outstanding
service than an existing client's decision to expand its BISYS relationship.
We have enjoyed supporting Lincoln Financial Group, Delaware Investments'
holding company, with the insurance distribution solutions provided by BISYS
Life Insurance Services; the turnkey account and information processing
services provided by BISYS Asset Retention Solutions; and the market
analytics, advanced research, and customized consulting services provided by
Financial Research Corporation (FRC), a BISYS subsidiary. We welcome the
opportunity to leverage our success supporting Lincoln Financial Group to now
support Delaware Investments with our industry-leading retirement services."
BISYS expects to complete the conversion of Delaware Investments'
retirement plans to its recordkeeping platform early in the third quarter of
calendar 2004.
About Delaware Investments
Delaware Investments is a diversified asset management organization that
had assets under management in excess of $100 billion as of December 31, 2003.
Delaware Investments provides investment products and services to individual
investors through a broad line of mutual funds, managed accounts, retirement
plan services, college savings plans, and other investment products; and to
institutional investors, primarily private and public pension funds,
foundations, endowment funds, banks, and insurance companies.
About Lincoln Financial Group
Delaware Investments is a member of Lincoln Financial Group (LFG), the
marketing name for Lincoln National Corporation. Through its wealth
accumulation and protection businesses, LFG provides annuities, life
insurance, 401(k) plans, mutual funds, institutional investment management,
and financial planning and advisory services.
About BISYS Retirement Services
BISYS is the nation's largest independent administrator and recordkeeper
for small and mid-size retirement plans, offering every component of a
sophisticated retirement plan infrastructure, including prototype plan design
and maintenance, plan administration, forms and documents, customized
marketing and sales support materials, reference resources, a toll-free help
line for ongoing access to industry expertise and assistance, Web-based
planning tools and content, staff training and development, and a turnkey
administration and recordkeeping solution for Individual(k) plans. Through
its relationships with 40 institutional clients, BISYS' technology-driven
retirement services support more than 18,000 company-sponsored 401(k) plans,
representing approximately 1.5 million eligible employees. BISYS also
supports approximately 400,000 employers and four million IRA holders with
ERISA documents and related support services, and trains approximately 12,000
retirement industry professionals annually.
About BISYS
The BISYS Group, Inc. (NYSE: BSG), headquartered in New York City,
provides business process outsourcing solutions that enable investment firms,
insurance companies, and banks to capitalize on convergence by entering new
segments of the financial services industry. BISYS currently supports more
than 22,000 domestic and international financial institutions and corporate
clients through three business units. Its Investment Services group provides
administration and distribution services for approximately 380 clients,
representing more than 2,200 mutual funds, hedge funds, private equity funds,
and other alternative investment products with approximately $750 billion in
assets under administration. BISYS' largest group also provides retirement
services to more than 18,000 companies in partnership with 40 of the nation's
leading banks and investment management companies, and offers analytical
research and competitive information through its Financial Research
Corporation (FRC) subsidiary. Through its Insurance and Education Services
group, BISYS is the nation's largest independent distributor of life insurance
and the premier provider of the support services required to sell traditional
and variable life, long-term care, disability, and annuity products. BISYS is
also the nation's second largest independent wholesale distributor of
commercial property/casualty insurance. This group complements its insurance
distribution services with a comprehensive compliance management solution that
supports insurance and investment firms and professionals with approximately
390 certification and continuing education training courses, and a
sophisticated suite of products and services that automates the entire
licensing process. BISYS' Information Services group supports approximately
1,450 banks, insurance companies, and corporations with industry-leading
information processing and imaging solutions, turnkey asset retention
solutions, and specialized corporate banking solutions. Additional
information is available at http://www.bisys.com.
Except for the historical information contained herein, the matters
discussed in the press release are forward-looking statements within the
meaning of the safe-harbor provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially, including
but not limited to economic, competitive, governmental and technological
factors affecting the Company's operations, markets, services and related
products, prices and other factors discussed in the Company's periodic filings
with the Securities and Exchange Commission.
SOURCE The BISYS Group, Inc.
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Related links:
http://www.bisys.com
Company News On-Call:
http://www.prnewswire.com/comp/851938.html
CONTACT:
Christopher Guarino, President, BISYS
Retirement Services, +1-215-648-4810
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