BISYS announced today that it has been chosen as a preferred third-party administrator (TPA) by Connecticut-based American Skandia. As a preferred provider, BISYS now has the opportunity to support plan sponsors and other retirement plan clients of American Skandia. BISYS will convert 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. BISYS will be available to serve as successor TPA for every retirement plan that selects BISYS. BISYS also will support the firm’s ongoing business development initiatives and the resultant new plans.
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 SponsorinSightTM 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 are required to support our growth goals, 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 American Skandiathe 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.