BISYS announced today that it has been selected to assume the recordkeeping responsibilities for the daily-valued 401(k) 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 401(k) 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 suite of 401(k) daily valuation recordkeeping services, including Web and interactive voice response (IVR) inquiry capabilities, call center services, 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 401(k) 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 401(k) 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.”