Reliance Trust to Provide Custodian Services for BenefitStreet's ETF 401k Platform
SAN RAMON, CA, September 6, 2007 -- BenefitStreet Inc., a leader in creating innovative corporate benefits solutions, today announced that Reliance Trust Company, one of the largest independent trust companies in the country, has been added as a custodian to the recently introduced BenefitStreet ETF 401k solution.
Reliance Trust has more than $49 billion in assets under management and administration, making it one of the leaders in the field. Reliance will provide ETF custodian services to complement BenefitStreet's transparent and low-fee 401k administration structure. Reliance will also offer other high value services, including directed trustee services, ACH pull services, and certified statements to advisors and plan sponsors.
Jim Drury, founder and CEO of BenefitStreet, said, "We're very pleased to be able to work with Reliance Trust, one of the most advanced 401k and pension custodians in the industry. Advisors and their 401k clients can now offer a wide range of services to outsource some or all of the trustee functions, and through trust certified statements substantially reduce the cost of 401k audits."
Through BenefitStreet's ETF 401k platform, participants can invest directly in ETFs (Exchange Traded Funds), which trade on exchanges as a security, rather than through a collective trust. ETFs can provide precise asset allocation and lower management fees than other investment alternatives, such as mutual funds, in these plans. The technological integration between BenefitStreet and Reliance will help plans enjoy extremely competitive recordkeeping and custodial fee rates. This, combined with the lower fund management fees of ETFs, can enable companies to dramatically reduce 401k plan expenses for their employees.
"Reliance always welcomes an opportunity to work with a partner that is as innovative and forward thinking as BenefitStreet," said William C. Harlow, Division Manager, Institutional Trust for Reliance Trust. "They have always focused on superior customer services and technology and the ETF 401k platform is a change our industry needed. We at Reliance are delighted to be supporting BenefitStreet and their customers."
"This alliance continues BenefitStreet's commitment to provide many layers of innovation, helping advisors and plan sponsors select a 401k solution that's consistent with company goals," Drury added.
About BenefitStreet
BenefitStreet is a pioneer in the creation and delivery of innovative solutions for corporate benefits, and uses technology to continually improve the way corporations provide and manage benefits. The Company delivers inventive functionality in on-demand solutions for comprehensive financial services and group benefits management and administration. In addition, the Company is committed to improving the value of benefits to employees while reducing the complexity and cost of offering those benefits, which are often a business' third largest expense. Founded in 1993, BenefitStreet serves more than 7,100 corporate clients from its headquarters in San Ramon, Calif., and 12 locations throughout the United States. For more information, please visit www.benefitstreet.com.
About Reliance Financial Corporation
Reliance Financial Corporation is a privately held Atlanta-based diversified financial services and wealth management company with more than $49 billion in assets under management and administration. Reliance Financial Corporation subsidiaries have responsibility for servicing and administering additional investments in excess of $39 billion on behalf of other firms. Reliance conducts business throughout the United States through its trust company (one of the largest independent trust companies in the country) and brokerage offices, investment advisory subsidiaries and insurance agency offices. Reliance offers a full array of outsourcing, wealth management, investment, and trust and asset management services to individuals, corporations and institutions, as well as to other banks, brokerage firms and insurance companies. Please visit the Reliance Web site at www.relico.com for information on all the company's programs and services.
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