BISYS today announced the formal launch of its full-service solution for Individual(k) plan record keeping and administration. Individual(k) is the generic name of the new type of retirement plan which became available for small business owners on January 1, 2002.
BISYS currently offers the industry’s only true turnkey solution for Individual(k) plans. BISYS provides every record keeping and administrative service financial services firms need to enter and compete in this new market, and sell this alternative retirement saving plan to small business owners. BISYS’ support services include IRS-approved prototype plan documents, on-site training, client-branded marketing and educational materials, and customized Web content and tools. BISYS’ extremely flexible solution also accommodates virtually any type of investment product includable in Individual(k) plans.
Prior to the formal launch of its Individual(k) support services, BISYS began assisting more than 50 of the nation’s leading financial service organizations in the development and introduction of their Individual(k) programs.
According to Chris Guarino, president of BISYS’ Retirement Services, “The interest in Individual(k) plans and BISYS’ turnkey solution has been overwhelming. Each of the firms we are currently working with has reported that demand for this new retirement product is growing exponentially as the market and financial opportunities are identified and understood. The demand for Individual(k) plans is also escalating due to the requirements of the federally mandated GUST amendment, which requires virtually every small business owner to amend their qualified retirement plan during 2002. Consequently, many financial services firms have identified compliance with this regulatory mandate as an opportunity to retain existing and acquire new customers by offering the Individual(k) product. Based on the industry-wide response to Individual(k), we expect most of the leading financial services organizations will launch an Individual(k)-type product during 2002, and BISYS is uniquely positioned to support them with an array of proven services.”