- BISYS' Turnkey Retirement Plan Services to Support
Approximately 1,700 Existing AIM Clients and Ongoing Sales Initiatives -
NEW YORK, Aug. 18 /PRNewswire-FirstCall/ -- BISYS, a leading provider of
business process outsourcing solutions for the financial services sector,
today announced that it will service the 401(k) plans previously serviced by
The Benefit National Companies (BNC), a Colorado-based third-party
administrator of 401(k) retirement plans. BISYS will assume the recordkeeping
responsibilities for approximately 1,700 clients of AIM Investments, which are
currently serviced through BNC. BISYS also will support AIM Investments'
ongoing sales initiatives for the new small plan retirement product that is
being sold through its broker-dealer relationships.
BISYS will provide a comprehensive suite of high quality retirement plan
services, including administration, state-of-the-art daily valuation and
recordkeeping, employee communications, ongoing sales support, and extensive
interactive voice response (IVR) capabilities. BISYS also will support
retirement plan sponsors with the online tools and resources provided by its
SponsorinSight(TM) Web site, and plan participants with Web-based access to
plan- and participant-level information, reporting, and transaction processing
capabilities.
Terry Kelly, vice president and national sales manager of advisor sold
retirement business for AIM Investments, said, "BISYS will support our
existing and future small 401(k) plans with its industry-leading, high quality
retirement plan recordkeeping and administrative services. We believe BISYS'
innovative platform includes the tools and resources our clients need to
continue aggressively competing in today's dynamic retirement marketplace. We
also believe BISYS' servicing solution will enhance our retirement product,
and help support the near- and long-term growth goals for our retirement
business."
According to Christopher Guarino, president of BISYS Retirement Services,
"We are excited about the opportunity to work with AIM Investments, which
represents one of the industry's leading financial services firms, and to
support its existing small retirement plan clients and the new clients earned
through its ongoing sales initiatives. We believe our comprehensive,
technology-driven 401(k) platform, our industry expertise, and our exacting
service standards are ideally matched with the strategic business goals of AIM
Investments and its clients, and we look forward to a long and mutually
rewarding relationship."
About AIM Investments
Houston-based AIM Investments represents one of the nation's leading
investment management companies. It is dedicated to providing its clients
with exceptional products and services through multiple investment management
styles and a broad range of investment solutions-mutual funds, retirement
products, separately managed accounts for high-net-worth and institutional
investors, annuities, cash management, college savings plans, alternative
investments, and offshore products. Founded in 1976, AIM Investments had $147
billion in assets under management and approximately 11 million shareholders
as of June 30, 2003. For more information, visit http://www.aiminvestments.com.
AIM Investments is a service mark of A I M Management Group Inc. and is
the subject of a pending application for trademark registration. A I M
Advisors, Inc.; A I M Capital Management, Inc.; AIM Private Asset Management,
Inc.; and AIM Alternative Asset Management Company, Inc. are the investment
advisors for the products and services represented by AIM Investments. A I M
Distributors, Inc. is the distributor for the retail mutual funds, and Fund
Management Company is the distributor for the institutional money market funds
represented by AIM Investments.
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 third largest independent wholesaler of commercial lines of
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 more than 225
certification and continuing education training courses, and a sophisticated
suite of products and services that automates the entire licensing process.
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, 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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