BISYS says it has been selected to support the Bank of Hawaii and its balance forward retirement plans with administrative and recordkeeping services. BISYS will service approximately 170 balance forward plans and their more than 2,500 plan participants with contribution processing, periodic account valuation, participant statement generation, sponsor reporting, non-discrimination and compliance testing, and distribution processing.
According to Sherry Buckley, vice president and manager, Bank of Hawaii Investment Services Group, “We believe BISYS’ recordkeeping and administration platform is an ideal solution for our balance forward retirement plans, particularly the smaller plans that are inherently more costly to service. We also believe BISYS’ expertise and state-of-the-art technology will enable us to support our balance forward retirement plan clients with a more sophisticated solution that is strategically compatible with the needs of their employees. We are extremely confident in our selection of BISYS based on our day-to-day experience with BISYS Fund Services and its proven ability to proactively support the growth of our mutual fund family.”
During the past 10 years, BISYS has supported the Bank of Hawaii and its Pacific Capital mutual funds with accounting, administration, and distribution solutions. Christopher Guarino, president of BISYS Retirement Services, added, “BISYS’ ability to provide high-quality retirement services, regardless of plan size, combined with our commitment to accuracy, accountability, and responsiveness will effectively support Bank of Hawaii’s objectives in this market segment. We believe BISYS is uniquely positioned to support Bank of Hawaii’s existing clients and balance forward plan participants, while helping them achieve their growth goals in this segment of their retirement business. Bank of Hawaii is a leading provider of financial services in the Pacific Basin and we are excited about the opportunity to expand our relationship with the bank.”
George Evans, executive vice president of business development for BISYS Investment Services, stated, “BISYS was awarded this business based on the breadth, quality, and cost-effectiveness of our recordkeeping solution; our experience servicing balance forward plans; and our ability to meet the bank’s aggressive conversion requirements. Bank of Hawaii is a great example of BISYS’ enterprise solution in practice. Our broad range of capabilities enables our clients to focus on their core competencies while leveraging and efficiently using our servicing solutions. We look forward to serving Bank of Hawaii in this new capacity and to supporting their balance forward retirement plans.”