BISYS announced today that Enterprise Capital Management has appointed the firm to administer its new, private-labeled individual(k) retirement plan, the pension alternative that became available for small-business owners under the provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). BISYS will provide a comprehensive record keeping and administration solution, including product training, plan installation, employer and financial advisor kits, and dedicated Web sites for current and prospective plan participants.
The Enterprise group – which runs 24 funds – has pioneered the concept of providing retail investors with access to leading institutional investment money managers for each investment style and sector. It also provides companies with pension plan alternatives, including 401(k), pension and profit sharing plans, SEP (simplified employee pension), SIMPLE (saving incentive match for employees), and 403(b) plans (non-profits and public schools).
“We are very pleased to enter this dynamic new retirement market backed by BISYS’ innovative, technology-based services and proven commitment to quality service,” says Alan Patterson, vice president of Retirement Plans at Atlanta-based Enterprise Capital Management. “We believe BISYS’s turnkey Individual(k) solution will be a strategic and growth-enabling component of our expanded Enterprise 401(k) product.”
According to Christopher Guarino, president of BISYS’ Retirement Services, BISYS is the only administrator to provide a turnkey solution. “We provide the comprehensive record-keeping and administrative functions necessary for financial services firms to enter and immediately compete in this new market, including IRS-approved prototype plan documents, on-site training, client-branded marketing and educational materials, and customized Web content and tools,” he says. ” We are extremely pleased that Enterprise Capital Management has expanded its relationship with BISYS and entrusted us to support its strategic entrance into this new marketplace. We are excited about our Individual(k) solution, its leading-edge capabilities, and its reception within the retirement industry.”
Enterprise’s Individual(k) offering will be distributed through its various broker-dealer relationships, including MONY Securities Corporation and Advest Inc., and enables business owners to select mutual funds from The Enterprise Group of Funds. Enterprise Capital Management, which currently manages nearly $7 billion in assets, is a member of The MONY Group, a holding company which provides financial protection and asset accumulation products and services to member companies.
In addition to supporting Enterprise’s Individual(k) offering, BISYS also supports its traditional 401(k) product with record-keeping and administrative services, and its Dublin-domiciled mutual fund complex with a comprehensive suite of fund administration, accounting, and transfer agency services.