Press Release
American Skandia Designates BISYS as Preferred Provider Of Retirement Plan Recordkeeping Services
NEW YORK, NY, September 26, 2002 -- BISYS, a leading global provider of business process outsourcing solutions for the financial services sector, today announced that it has been designated as a preferred third-party administrator (TPA) by Connecticut-based American Skandia. As a preferred provider, BISYS now has the opportunity to support the plan sponsors of approximately 340 existing mutual fund accounts and variable annuity contracts. These respective plan sponsors are currently in the process of selecting a replacement TPA for their retirement plans, which collectively represent more than $300 million in plan assets.
For plan sponsors selecting BISYS as their TPA, BISYS will support the converted plans and participants with a comprehensive suite of solutions, including daily valuation and recordkeeping services, extensive Web and interactive voice response (IVR) capabilities, call center services, and customized communication materials. BISYS also will support these plans with its SponsorinSight(TM) and participant Web site products, which provide Internet-based access to plan- and participant-level information, reporting, and transaction processing.
According to Guy Sullivan, senior vice president of American Skandia, "We selected BISYS based on the high quality recordkeeping services it provides. BISYS also offers the industry expertise, scale of operation, and technology-driven resources that will enhance our service levels and ensure a smooth transition based on our aggressive migration schedule."
Christopher Guarino, president of BISYS' Retirement Services said, "It is rewarding that American Skandia selected BISYS as a preferred TPA for its valued retirement plan clients. We are successfully supporting a broad range of small, mid-size, and large retirement plans by continually enhancing our recordkeeping services, contemporary technologies, conversion expertise, and operational efficiencies. We believe the plan sponsors selecting BISYS will benefit from our unmatched experience converting plans and ensuring the least amount of disruption to the plans and participants."
"We are delighted to have the opportunity to establish this significant relationship with one of the premier financial services organizations, and to leverage our product and service offering to meet its exacting recordkeeping and service-related standards," concluded George Evans, executive vice president of business development for BISYS' Investment Services group.
About American Skandia
American Skandia has deep roots in U.S. and global financial markets. Based in Connecticut, American Skandia Life Assurance Corporation serves the long-term financial needs of individuals who work with registered investment professionals. Founded with a fundamental philosophy that embraces innovation, objectivity, and quality, American Skandia, Inc. and its subsidiaries have forged a distinct identity in the financial services marketplace since its inception in 1988. American Skandia Life Assurance Corporation (ASLAC), with more than $29 billion (as of June 30, 2002) in client assets gathered in 13 years of operation, serves individual investors and their investment professionals by providing investment products for long- term needs. Variable annuities are issued by American Skandia Life Assurance Corporation. Variable annuities and mutual funds are distributed by American Skandia Marketing, Incorporated. Both companies are located at One Corporate Drive, Shelton, Connecticut, 06484. Products may not be available in every state and features may vary by state.
About BISYS' Retirement Services
BISYS is one of the largest independent retirement plan recordkeepers and the only firm offering every component of a sophisticated retirement plan infrastructure, including prototype plan design and maintenance, plan administration, forms and documents, customizable marketing and sales support materials, reference resources, a toll-free help line for ongoing access to industry expertise and assistance, Web-based planning tools and content, staff training and development, and a turnkey administration and recordkeeping solution for Individual(k) plans. Through its relationships with 36 institutional clients, BISYS supports approximately 15,000 company -sponsored 401k plans, representing approximately 1.2 million eligible employees, with its technology-driven retirement services. BISYS also supports approximately 400,000 employers and four million IRA holders with ERISA document management and related support services, and approximately 12,000 retirement industry professionals with training programs annually.
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