Press Release
CBIZ Selects BISYS to Provide Daily Valuation 401k Recordkeeping Services
NEW YORK, NY, September 30, 2002 -- BISYS, a leading global provider of business process outsourcing solutions for the financial services sector, today announced that it has been selected to assume the recordkeeping responsibilities for the daily-valued 401k retirement plan clients of CBIZ Retirement Services, Inc., a subsidiary of Century Business Services, Inc. (CBIZ). Approximately 340 plans and 50,000 collective participants will be converted to BISYS' recordkeeping platform. BISYS has also entered into a marketing agreement to support the daily valuation 401k retirement plan sales initiatives of CBIZ, which ranks as one of the largest U.S. employee benefit broker/consultants.
BISYS will provide CBIZ's clients with a comprehensive suite of 401k daily valuation recordkeeping services, including extensive Web and interactive voice response (IVR) inquiry capabilities, call center services, customized communication materials, and sales support. BISYS also will support these clients with its SponsorinSightTM product, which provides Web-based access to plan- and participant-level information, reporting, and transaction processing.
According to Robert A. O'Byrne, senior vice president of CBIZ, "We selected BISYS to provide recordkeeping services to our existing daily valuation 401k retirement plan clients based on its industry expertise and market-leading recordkeeping services. Its extensive experience in plan conversions of this type also was a key factor in our selection process. We believe that outsourcing this function to BISYS will proactively and successfully support our strategic growth goals and allow us to more aggressively focus our resources on providing expert consulting and advisory services for our clients."
Christopher Guarino, president of BISYS' Retirement Services, reported, "We are delighted to establish this relationship with CBIZ and to have the opportunity to support its current and future daily valuation 401k retirement plan clients with our turnkey solution. Working with progressive financial services firms like CBIZ to implement creative, client-focused solutions is a BISYS hallmark. We believe our production-proven service capabilities and contemporary technologies will meet CBIZ's exacting requirements and growth goals."
About Century Business Services, Inc.
Century Business Services, Inc. is a leading provider of outsourced business services to small and medium-sized companies throughout the United States. The company provides integrated services in the following areas: accounting and tax, employee benefits, wealth management, property and casualty insurance, payroll, IS consulting, and HR consulting. CBIZ also provides valuation, litigation advisory, government relations, commercial real estate, wholesale insurance, healthcare consulting, medical practice management, worksite marketing, and capital advisory services. These services are provided throughout a network of more than 200 company offices in 33 states, the District of Columbia, and Toronto, Canada. Additional information is available at http://www.cbiz.com.
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 38 institutional clients, BISYS supports approximately 15,000 company-sponsored 401k plans, representing approximately 1.3 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.
###
401khelpcenter.com, LLC is not the author of this press release and is not associated or affiliated with any firm or organization mentioned unless otherwise noted. Use of any information obtained from this press release is voluntary, and reliance on it should only be undertaken after an independent review of its accuracy, completeness, efficacy, and timeliness. Reference to any specific commercial product, process, or service by trade name, trademark, service mark, manufacturer, or otherwise does not constitute or imply endorsement, recommendation, or favoring by 401khelpcenter.com, LLC.
