Metavante Sells 401k Third-Party Administration Business
MILWAUKEE, WI, December 31, 2004 -- Metavante Corporation, the financial technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI - News), announced that effective today it has sold its small business 401k Retirement Plan Services operations to two companies effective January 1, 2005. The 401k Retirement Plan Services business had been focused on administering retirement plans for small businesses of less than 300 employees. M&I Trust Company will continue to focus on large retirement plans and is unaffected by this transaction.
The two acquiring companies are EMJAY Corporation, a wholly owned subsidiary of Great-West Life & Annuity Insurance Company, of Greenwood Village, CO., and The Retirement Advantage, Inc., a Port Washington, WI.- based company. Metavante will provide supporting technology services to the two companies for a transitional period of 12 to 24 months.
"By aligning Retirement Plan Services with two high-quality partners that share the Metavante customer care philosophy, our clients, employees and institutional partners will be well supported. The two acquiring companies each have a long-term history in the business and are focused on retirement plan administration for small and mid-sized companies," said Thomas R. Mezera, senior vice president, Metavante Corporation.
About Metavante
Metavante Corporation delivers banking and payment technologies to financial services firms and businesses worldwide. Metavante products and services drive account processing for deposit, loan and trust systems, image- based and conventional check processing, electronic funds transfer, and electronic presentment and payment. Headquartered in Milwaukee, Metavante (www.metavante.com) is wholly owned by Marshall & Ilsley Corporation.
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