BISYS has expanded its retirement planning tools to include a retirement education and communications programme.
The new program, U-Singles, aims to help increase 401(k) plan enrollments and deferral rates, encourage diversified asset allocation, and motivate plan participants to take measurable steps toward their retirement savings goals.
U-Singles, developed by Newkirk Products, Inc., makes use of specialized direct mail communications aimed at both eligible employees not yet contributing to 401(k) plans and existing participants contributing below the maximum deferral rate.
“We are continually looking for ways to help plan participants save more actively for their retirement,” said Christopher Guarino, President of BISYS Retirement Services. “By providing our clients with the most advanced retirement tools available, we are able to broaden the ways in which plan participants can be encouraged to set retirement savings goals and to meet hose goals.”
U-Singles employs personalized participant information, including age and years until expected retirement, to general informative financial projections that illustrate how much must be saved monthly to meet a specific retirement savings goal. In addition to profiling participants and generating a tailored message to participants, the new system tracks the programme’s market participation and deferral rates.
“We are excited about the opportunity to support BISYS, a recognized leader in the retirement industry. We believe U-Singles, a component of Newkirk’s next generation communication platform, will be an innovative addition to the unmatched menu of high-quality products and services BISYS offers,” says Pete Newkirk, president of Newkirk Products.