Corporate Payroll Services Chooses Invesmart for Client Retirement Plan Solutions
ATLANTA, GA, November 4, 2005 -- Corporate Payroll Services (CPS) announced that it has added Invesmart's RightPath, a next-generation Defined Contribution plan, to the core services it will offer its clients. Invesmart, Inc., is a national retirement financial services firm.
RightPath provides CPS with a new service solution for client plan sponsors and participants. RightPath offers retirement plan participants convenient access to savings planning and investment management that's integrated within the Defined Contribution sign-up process and the option to delegate management of their account to an investment advisor acting in a fiduciary capacity. For participants who prefer to select their own investment options, RightPath will also offer access to traditional investment support and planning tools via the Internet. For plan sponsors, RightPath offers a higher fiduciary service standard than other plans.
"We're excited to be able to offer our customers such a comprehensive 401k package," said Steven D. Kamerschen, Vice President of Sales of CPS. "RightPath investment options and advice are features usually found in very large plans. The best part is, even with all the benefits, it is still very affordable for even the smallest of our customers."
Since RightPath was launched in late 2004, more than 130 plans representing more than $500 million in assets and 15,000 employees have either been converted or are in the process of converting to the plan. During the enrollment process, 61% of participants enrolling in a RightPath plan selected the fee-based discretionary advice alternative where Invesmart Advisors, Inc., manages the participant investments and contribution levels. Importantly, fully 44% of participants upped their contribution levels following the enrollment meeting, resulting in an absolute increase in contribution of more than 4 percent. Eighteen percent of employees enrolling in RightPath, who weren't previously contributing to an employer-sponsored retirement plan, elected to contribute to the RightPath Defined Contribution plan.
Invesmart and Invesmart Advisors will provide CPS with point-of-sale support and an ongoing service suite including: plan recordkeeping and administration, investment research, private labeled investment monitoring reports, fee collection and reporting, enrollment meetings, participant advisory services fulfillment and a participant advisory call center. This approach allows the delivery of a cost effective participant-advice-centric approach unparalleled in the industry.
"Through our collaboration with Invesmart, we are thrilled to be able to add 401k administration and investment advice to the services we offer our clients," noted Joseph L. Beverly, President of Corporate Payroll Services. "This will further simplify the lives of our clients who need both payroll and 401k administration services."
"The response we've received to RightPath from our selling partners, plan sponsors and plan participants has been exceptional," said K.C. Cannon, Vice President, National Sales for Invesmart. "Plan participants in the US are coming to the realization that saving for retirement can be more effectively achieved if financial professionals are able to provide some degree of guidance over the fund selection and monitoring process, just as the RightPath Defined Contribution plan does."
About Corporate Payroll Services
Corporate Payroll Services is a low-cost provider of payroll processing and tax filing services to small and medium sized businesses. Established in 1991 and based in Atlanta, Georgia, Corporate Payroll Services provides payroll services to over 3000 companies and files payroll taxes in all states and U.S. territories. Through superior customer service and an exceptional knowledge of technology, Corporate Payroll Services presents clients nationwide with an efficient method of processing payroll. Visit Corporate Payroll Services' website at www.corpay.com.
About Invesmart
Invesmart, Inc. is a national full-service retirement financial services firm. Invesmart combines one-on-one, personalized service and technology to help financial service intermediaries advise companies of all sizes in establishing and administering retirement plans. Invesmart provides investment advisory services through Invesmart Advisors, Inc. and brokerage services through Invesmart Securities, LLC, member NASD. Invesmart, Invesmart Advisors and Invesmart Securities are wholly owned subsidiaries of Invesmart, Inc., a Delaware corporation. Invesmart Advisors' relationship as co-fiduciary to the plan and/or to the participant is governed by the terms and provisions of a contractual agreement executed by Invesmart Advisors and the plan sponsor or the participant. Invesmart, Inc. and/or its affiliates do not retain any fund-related reimbursements for any of its investment advisory programs and do not offer any proprietary investments. Invesmart represents 4,000 (Defined Contribution) retirement plans. Headquartered in Pittsburgh, Pennsylvania, the firm has 20 sales and service locations. Visit Invesmart's website at www.invesmart.com.
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