ADP and Scudder Enhance Flex Retirement Plan Service
Key Executive Tapped to Revitalize Select TPA Program
ROSELAND, NJ, & BOSTON, MA, November 4, 2003 -- ADP(R) Retirement Services, part of the Employer Services' (ES) division, and Scudder Investments today announced that the Scudder Flex Plan, a retirement plan product for small and growing businesses, has been enhanced to better meet the evolving needs of their clients. Offered through the Benefit Services Alliance, a strategic relationship between Scudder Investments and ADP, Inc., Scudder Flex Plan will now accept start-up plans and make outside funds available as an additional option to the Scudder family of funds currently offered. Scudder Flex Plan will also provide comprehensive sales and enrollment support to financial advisors who offer the plan.
Along with these enhancements to the Scudder Flex Plan, the Select Third Party Administrator (TPA) Program has been revitalized. The Select TPA Program, which focuses on plan administration and now includes a premier group of 30 third party administrators (TPAs) nationwide, recognizes the important role TPAs play in successfully selling and implementing Scudder Flex Plans. As part of this effort, industry veteran Steven Hart has joined ADP Retirement Services and will lead the new Select TPA Program.
"The early enhancements to the Flex Plan service demonstrate the effectiveness of our previously announced alliance with Scudder, and ADP's desire to offer clients and their employees a superior retirement plan solution," said Kendall Kay, Vice President of Marketing for ADP Retirement Services. In May 2003, ADP(R) Retirement Services and Scudder Investments formed a strategic relationship called the Benefit Services Alliance. The alliance has made it possible to enrich the network of comprehensive pre- and post-sales support provided to financial advisors for the Scudder Flex Plan. This network of 70 sales personnel nationwide provides technical product expertise, point-of-sales support and assistance in sales presentations.
"The alliance between Scudder and ADP created an opportunity for more combined resources to be invested in the Scudder Flex Plan platform, enabling financial advisors to provide their clients more investment options and greater flexibility," said Steve Ulian, Managing Director for Scudder Retirement Services. The Flex Plan now allows for the selection of a maximum of 15 fund products, including up to three funds from Scudder's extensive list of outside fund families, which span every major asset class. In addition, start-up plans are now being accepted on the Scudder Flex Plan platform, with 38 ADP Enrollment Specialists nationwide providing retirement enrollment support for new clients, either on their own or with the financial advisor.
"Through our alliance, we continue to look for innovative and useful ways to expand our Flex Plan service offering. We expect to make further enhancements in 2004, encompassing an even wider range of high-quality investment products and service efficiencies, such as integration with ADP payroll," said Ulian. Together, Scudder and ADP currently provide retirement recordkeeping services to a client base of over 30,000 retirement plans representing 1.1 million employees, with $16 billion in assets under management.
About ADP
Automatic Data Processing, Inc. (NYSE:ADP) is one of the largest independent computing services firms in the world, with over $7 billion in revenues and approximately 500,000 clients. ADP Employer Services (ES), a division of ADP, Inc., is a leading provider of integrated business administrative solutions that help its over 460,000 clients efficiently manage their internal processes, allowing them to focus on core competencies. ADP Employer Services' offerings include both traditional and Internet-based outsourcing products and services, giving clients the ability to select from ADP's comprehensive range of World Class Service solutions. Services include payroll, tax regulatory management, Human Resource Management Services (HRMS), benefits administration, time and labor management, retirement plan services, online recruiting, Professional Employers Organization (PEO) services and employment screening and selection. For more information about ADP Employer Services, or to contact a local ADP sales office, call us at 1 800 225 5237 or visit the company's Web site at www.adp.com. For more information about ADP Retirement Services, visit our Web site at www.adp401k.com.
About Scudder Investments/Scudder Retirement Services
A part of Scudder Investments, Scudder Retirement Services has been servicing defined contribution plans since 1984. With total defined contribution assets under management of approximately $34 billion (as of 6/30/03), it administers 15,550 defined contribution plans, including 401(k), 403(b), Profit Sharing, Money Purchase Pension Plans and more. Scudder Investments is the US retail brand for Deutsche Asset Management. With over US $685 billion in assets under management (as of 9/30/03), Deutsche Asset Management is one of the world's leading investment management organizations, not just in size but in quality and breadth of investment products, performance and client service. Deutsche Asset Management is geographically divided into three regions-the Americas, Europe and Asia Pacific, providing the full range of investment management products across the risk/return spectrum.
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