Press Release
Bear Stearns Selects BISYS to Support 401k and Individual(k) Plans
NEW YORK, NY. October 31, 2002 -- BISYS, a leading global provider of business process outsourcing solutions for the financial services sector, today announced that New York-based Bear Stearns has expanded its outsourcing relationship.
BISYS' Single Source 401k(TM) platform was selected to support Bear Stearns' 401k sales. BISYS' full-service, high quality retirement plan solution includes plan administration, state-of-the-art daily valuation and recordkeeping services, employee communications, and extensive interactive voice response (IVR) and Web capabilities. As part of this expanded relationship, Bear Stearn's mutual funds will be added to the Single Source 401k platform as available investment options for plan participants.
BISYS also was selected to support Bear Stearns' Individual(k) offering with its turnkey recordkeeping and administrative solution. This comprehensive solution includes IRS-approved prototype plan documents, product training, client-branded marketing and educational materials, employer and financial advisor kits, and customized Web content and tools. The Individual(k) plan is the retirement savings alternative now available for the estimated 15 million owner-only businesses.
According to Eric Tepper, associate director of Bear Stearns Asset Management, "We believe BISYS' turnkey solutions for 401k and Individual(k) programs provide the functional capabilities and flexibility to meet our specific requirements, and to support plan participants and advisors with premier service levels. We expect BISYS' proven solutions will enable us to capitalize on this growing marketplace."
Christopher Guarino, president of BISYS' Retirement Services, reported, "We are pleased that this prestigious firm recognizes the added-value and competitive distinction of our retirement plan solutions. We welcome the opportunity to leverage our recordkeeping and administration solutions with the investment expertise of Bear Stearns Asset Management to support this strategic new endeavor."
According to George Evans, executive vice president of business development for BISYS' Investment Services, "Our expanding relationship with Bear Stearns is particularly rewarding since it is one of the most respected firms in the investment industry. We are confident our high quality retirement solutions will proactively support its innovative financial products and services."
Bear Stearns represents the sixth firm to select BISYS' Individual(k) solution since the alternative retirement savings plan was introduced as a provision of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA).
The Bear Stearns Funds, which are advised by Bear Stearns Asset Management Inc., a subsidiary of The Bear Stearns Companies Inc., include 10 domestic and one offshore fund, collectively representing approximately $5 billion in assets. Since May 2002, BISYS has supported this fund family with accounting and administration services, and treasury functions including net asset value calculations, financial and performance reporting, regulatory compliance support, and fiscal budgeting oversight. BISYS also supports the offshore fund with transfer agency services.
About Bear Stearns Asset Management Inc.
Bear Stearns Asset Management Inc. (BSAM) was founded in 1984 as a subsidiary of The Bear Stearns Companies Inc., one of the world's leading investment banking, securities trading, and brokerage firms. As of September 30, 2002, BSAM managed approximately $20 billion in assets, representing a wide spectrum of investment disciplines, including U.S. equity and fixed income separate accounts and mutual funds, hedge funds, private equity funds, and venture capital funds. Corporations, municipal governments, multi-employer plans, endowments, foundations, family groups, and high-net-worth individuals rely on the firm's proven investment expertise and dedication to client service. For more information, visit http://www.bearstearns.com.
About BISYS' Retirement Services
BISYS is one of the largest independent retirement plan recordkeepers, 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.
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