Sungard Announces Partnership With Pronvest
New offering helps Plan participants understand retirement planning while decreasing fiduciary risk for Plan sponsors
BIRMINGHAM, AL, July 1, 2003 -- SunGard Employee Benefit Systems, an operating group of SunGard Data Systems (NYSE: SDS), today announced that it has enhanced OmniPlus, its defined contribution recordkeeping solution with services provided by ProNvest, an independent money management firm focused on providing investment education and money management services to plan participants of 401k and 403(b) plans.
ProNvest offers plan participants and sponsors the opportunity to access investment education wherever investment options are offered. This education is at no cost to the plan, plan participant or plan sponsor. With the ProNvest/SunGard integration, the plan sponsor's Web site will provide information specific to the participant's plan, including available funds and summary plan description.
The participant can take a survey based on current contributions and investment goals, and can then use the customized, funds-specific portfolio, which is directly linked to OmniPlus. In addition, the participant may also elect to retain ProNvest to manage their account. Plan sponsors, plan providers, and participants can further benefit from ProNvest's ability to do paperless, online 401k rollovers and other financial transactions.
All of these ProNvest services are fully integrated with OmniPlus, and are available a la carte on any OmniPlus platform or delivery method. Additionally, SunGard's Internet plan administration product, MyPlansOnline, has also been enhanced with ProNVest services.
"Employees want direction and employers need protection; the retirement services industry is that simple," said Katrina R.-Miglietta, senior vice president of new business development, SunGard Employee Benefit Systems. "Eighty-two percent of surveyed DC plan sponsors won't offer retirement and investment advice because they don't want the fiduciary risk. Sponsors can offer the necessary services, at no cost or risk to them, by outsourcing it to ProNvest."
About ProNvest
ProNvest is a professional money management firm focused on providing money management services, education, investment allocation advice and IRA rollover assistance to 401k and 403(b) participants. ProNvest offers a comprehensive set of interactive educational tools, content and programs that help participants understand the basics of investing and managing their retirement savings. Visit ProNvest, Inc. at www.pronvest.com.
About SunGard Employee Benefit Systems
SunGard Employee Benefit Systems provides administrative systems and services, document generation systems, multi-media based training, and plan sponsor/participant outsourcing solutions for the retirement plan market. SunGard offers practical, cost-efficient solutions that suit clients ranging from the very largest to the smallest providers of retirement plan services.
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