Synapses Provides CBA with Plan-Level Analytics Tools
CHARLOTTE, NC, October 17, 2007 -- Synapses Inc., a leading provider of personalized 401k education, products and services, today announced its has been selected by Corporate Benefit Advisors, Inc. (CBA), a leading provider of employee benefit and corporate retirement plans, to provide powerful analysis across many of CBA's 401k plan customers. CBA will employ Synapses' Sponsor Profile service and Retirement Income Report tools to fully evaluate its 401k customers at the participant and sponsor level.
Beginning this month, Synapses will use its unmatched data collection, calculation, reporting, distribution and response processing infrastructure to provide CBA with custom analysis of its numerous 401k customers. Additionally, CBA will leverage Synapses to provide other value-added analysis and products for its clients in the 401k and corporate benefits market.
Through Synapses' Sponsor Profile service, CBA is provided a compilation of valuable statistics, illustrating the retirement income status not only of each participant, but also of each plan as a whole. Working with Synapses, CBA is able to quickly and cost-effectively provide suggested steps to meet retirement income goals for each of its customers' 401k plan participants. Synapses' unique Sponsor Profile offers organizations powerful top-down views of:
- Percentage of eligible employees on target for income replacement at retirement
- Percentage of eligible employees fully utilizing plan design features such as company match, auto-escalation, target date maturity funds, and managed account products
- Participant action items needed to meet income replacement goals
- Segmentation of participant audiences according to their actual investment mix compared to what their mix would be in an automatic rebalancing plan
- Quantifying the retirement income impact of moving a participant into an automatic rebalancing plan
Further strengthening CBA's commitment to customer service, the Synapses Sponsor Profiles, Retirement Income Reports, and other targeted communication campaigns allow CBA to implement targeted education campaigns to further educate its customers' employees on their 401k contributions. The reports play a powerful role in effectively evaluating retirement savings - creating a real-time snapshot of contribution progress, assisting employees to meet savings goals and enriching CBA's overall value to its customers.
"Synapses has created a set of communication tools and resources that is second to none," said William Byron, AIF, managing partner and consultant at Charlotte, North Carolina-based Corporate Benefit Advisors. "Even more importantly it is simple to implement and cost effective. In my 15 years in the industry, I haven't seen anything close to Synapses' products and services. After just one day of working with Synapses, we had live samples in our hands branded for one of our best sponsors - and the sponsor now wants to implement the service immediately."
"We are very impressed with Synapses' team and capabilities," said W. Jeff Crenshaw, senior vice president of corporate retirement plans for Corporate Benefit Advisors. "CBA is confident we will be able to significantly assist our clients in exceeding their communication goals using Synapses' powerful tools."
"Synapses continues to experience fast growth with the unveiling of its Sponsor Profile service and highly-praised 401k education tools," said Jim Saunders, President of Synapses. "We are pleased to announce CBA as one of our latest customers, reinforcing CBA's well-known commitment to stellar customer service, while also helping to provide their extensive network of 401k clients with the information they need to finely tune their retirement income savings."
About Corporate Benefit Advisors
Since 1991, the managing partners of Corporate Benefit Advisors, Inc. (CBA) have been working with corporations and businesses to evaluate, design, implement and communicate employee benefit and corporate retirement plans. CBA is committed to evaluating and understanding its clients' needs, creating solutions, and building long-term relationships. CBA's clientele represents a cross-section of industries and businesses located throughout the Southeast. CBA works with businesses ranging from small privately held firms to larger publicly traded companies. The company also represents international clients in Germany, the United Kingdom, and Hong Kong. CBA employs 28 benefit professionals and has a number of affiliates. With offices in Charlotte, NC and Davidson, NC, CBA's managing partners, consultants, professional client managers, and benefit specialists stand ready to assist clients in all aspects of their employee benefit and corporate retirement programs. Visit www.benefitsadvice.com.
About Synapses
Synapses Inc. is a leading innovator in personalized 401k education, products and services. Providing comprehensive process analysis, custom software design and implementation, as well as personalized education product development and delivery, Synapses has produced hundreds of thousands of individual personalized 401k education reports. By offering 401k providers, sponsors and financial advisers customized products, Synapses uses a proprietary product delivery infrastructure to provide astoundingly effective education that offers unique scalability to meet the demands of the retirement services market. Founded in 2005, Synapses is headquartered in Charlotte, North Carolina. For more information, please call 704-321-4747 or visit the Synapses Web site at www.synapses.com.
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