BISYS says it has been selected to support the Individual(k) retirement savings alternative offered by New Jersey-based Pershing, which was acquired by the Bank of New York in January this year. BISYS already supports Pershing’s private-labeled retirement plan for sole proprietorship businesses. Individual(k) plans allow small-business owners to contribute up to $40,000 annually to their retirement savings.
BISYS supports Pershing’s delivery of Individual(k) plans by performing the recordkeeping and administrative functions Pershing and its customers require. The services BISYS provides will include professional product training, plan installation services, client-branded marketing and educational materials, employer kits, IRS-approved prototype plan documents, and dedicated Web sites and tools for plan participants.
“BISYS offers a comprehensive and technologically advanced solution for Individual(k) plans and their participants,” says Brian Shea, chief operating officer of Pershing. “By leveraging BISYS’s competitively distinct solution and industry expertise, we are providing Pershing’s customers with access to a retirement savings alternative that enables them to capitalize on this significant new market opportunity.”
Christopher Guarino, president of BISYS Retirement Services, says he is “excited about the end-to-end Individual(k) solution we have developed and about our ongoing selection by retirement industry leaders and innovators. Our expanding client roster and relationships are direct results of our ability to proactively and consistently meet the requirements of the dynamic, technology-dependent retirement industry.”
George Evans, executive vice president of business development for BISYS Investment Services, added that BISYS is confident its Individual(k) technology worked.