- BISYS' Industry-leading Platform Selected to Support
Approximately 170 Plans and More Than 2,500 Plan Participants -
NEW YORK, Aug. 4 /PRNewswire-FirstCall/ -- BISYS, a leading provider of
business process outsourcing solutions for the financial services sector,
today announced that it has been selected to support the Bank of Hawaii and
its balance forward retirement plans with administrative and recordkeeping
services. BISYS will service approximately 170 balance forward plans and their
more than 2,500 plan participants with a comprehensive suite of services,
including contribution processing, periodic account valuation, participant
statement generation, sponsor reporting, non-discrimination and compliance
testing, and distribution processing.
According to Sherry Buckley, vice president and manager, Bank of Hawaii
Investment Services Group, "We believe BISYS' recordkeeping and administration
platform is an ideal solution for our balance forward retirement plans,
particularly the smaller plans that are inherently more costly to service. We
also believe BISYS' expertise and state-of-the-art technology will enable us
to support our balance forward retirement plan clients with a more
sophisticated solution that is strategically compatible with the needs of
their employees. We are extremely confident in our selection of BISYS based on
our day-to-day experience with BISYS Fund Services and its proven ability to
proactively support the growth of our mutual fund family."
During the past 10 years, BISYS has supported the Bank of Hawaii and its
Pacific Capital mutual funds with a comprehensive accounting, administration,
and distribution solution. Christopher Guarino, president of BISYS Retirement
Services, added, "BISYS' ability to provide high-quality retirement services,
regardless of plan size, combined with our commitment to accuracy,
accountability, and responsiveness will effectively support Bank of Hawaii's
objectives in this market segment. We believe BISYS is uniquely positioned to
support Bank of Hawaii's existing clients and balance forward plan
participants, while helping them achieve their growth goals in this segment of
their retirement business. Bank of Hawaii is a leading provider of financial
services in the Pacific Basin and we are excited about the opportunity to
expand our relationship with the bank."
George Evans, executive vice president of business development for BISYS
Investment Services, stated, "BISYS was awarded this business based on the
breadth, quality, and cost-effectiveness of our recordkeeping solution; our
experience servicing balance forward plans; and our ability to meet the bank's
aggressive conversion requirements. Bank of Hawaii is a great example of
BISYS' enterprise solution in practice. Our broad range of capabilities
enables our clients to focus on their core competencies while leveraging and
efficiently using our servicing solutions. We look forward to serving Bank of
Hawaii in this new capacity and to supporting their balance forward retirement
plans."
About Bank of Hawaii
Bank of Hawaii Corporation is a regional financial services company
serving businesses, consumers, and governments in Hawaii, American Samoa, and
the West Pacific. The company's principal subsidiary, Bank of Hawaii, was
founded in 1897 and is the largest independent financial institution in
Hawaii. For more information about Bank of Hawaii Corporation, visit the
company's web site, http://www.boh.com.
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 supports more than
15,000 company-sponsored 401(k) plans, representing approximately 1.2 million
eligible employees, with its technology-driven retirement services. 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 20,000 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 more than $650 billion in
assets. BISYS' largest group also provides retirement services to more than
15,000 companies in partnership with 40 of the nation's leading banks and
investment management companies, and offers analytical research and
competitive intelligence 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, annuity, long-term care, and disability products. BISYS is also the
nation's seventh largest property/casualty (P&C) wholesaler and the third
largest independent wholesaler of commercial lines of P&C insurance. This
group complements its insurance distribution services with a comprehensive
compliance management solution that supports insurance and investment firms
and professionals with more than 225 certification and continuing education
training courses, and a sophisticated suite of licensing-related products and
services. BISYS' Information Services group provides information processing
and imaging solutions to more than 1,150 financial institutions. This group
also supports more than 120 insurance companies with a suite of asset
retention solutions, and provides complete program management for
corporate-sponsored cash management accounts. 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, government and technological factors
affecting the Company's operations, markets service 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
http://www.boh.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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