BISYSŪ Launches Auto-Enrollment Features For 401k Retirement Plans
DRESHER, PA, September 18, 2006 -- BISYS today announced the launch of new auto-enrollment features and capabilities. (k)ruiseControl is designed to increase participation and deferral rates in company retirement plans as well as to help facilitate employees' appreciation of this aspect of their benefits program.
While more traditional auto-enrollment programs have focused primarily on merely enrolling participants, (k)ruiseControl also allows plan sponsors to define initial, minimum as well as maximum deferral rates, the schedule by which deferral increases occur for all eligible employees and to define the default investments. The program is designed to improve plan participation and will allow plan sponsors to include, if desired, the additional options created by the Pension Protection Act of 2006 when they take effect in 2008. As with any auto-enrollment program, employees always retain the right to opt out of the program, adjust their current level of elective deferrals or modify the mix of investments in their account.
To help institutional clients, financial advisors and plan sponsors in implementing expanded options regarding auto-enrollment, BISYS has developed new capabilities to assist in this process. Services and deliverables include prototype plan documents, guidance and ERISA support, a full range of participant communications and plan-level reporting specifically in support of auto-enrollment administration.
"For some time now, we have focused on the best ways to encourage investment in retirement plans as the fundamental objective in facilitating retirement preparedness," said Bob Guillocheau, president of BISYS Retirement Services. "It's understandable that employees lead very busy lives, or may not fully realize the importance of this part of their benefits package. We concur with those in the industry that an auto-enrollment program is perhaps the best way for employees to save for their retirement."
Michael Narkoff, senior vice president, Distribution Services for BISYS Retirement Services, added "This is one more tool that financial advisors and plan sponsors can utilize to drive participation. (k)ruiseControl automatically and systematically increases deferral percentages over time up to a pre-defined maximum, while simultaneously empowering employees to retain control over their account. It truly gives plan participants a co-pilot to help them achieve their retirement savings objectives."
About BISYS Retirement Services
BISYS provides high-quality outsourcing solutions for every segment of the retirement marketplace. Programs are tailored to effectively support institutional retirement plan providers and selected intermediaries, facilitating their ability to service their plan sponsor and participant clients. Core offerings cover every component of a sophisticated retirement infrastructure, including administration, recordkeeping, ERISA consulting, distribution support, training and documentation. BISYS Retirement Services is a division of The BISYS Group, Inc.'s Investment Services group.
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