BISYS announced today that it has been selected to support Seligman’s retirement plan offering for owner-only businesses. BISYS will support Seligman’s One(k) offering with its administration and recordkeeping solution for Individual(k) retirement plans – a retirement savings alternative that is available for the estimated 13 million owner-only businesses in the US.
The BISYS products used by Seligman include product training, plan installation, IRS-approved prototype plan documents, employer and financial advisor kits, sales support, call center services, and extensive Web and interactive voice response (IVR) inquiry capabilities. BISYS already supports Seligman’s Growth 401(k) traditional retirement plan product with its 401(k) solution.
“BISYS’ innovations and proven commitment to providing high quality service have effectively supported the growth and success of our existing 401(k) product,” says Michelle Rappa, senior vice president at Seligman. “We are now excited to enter the growing owner-only 401(k) market and to launch our One(k) product backed by BISYS’ expertise, technology, and turnkey solution. We believe BISYS’ sophisticated services will provide financial advisors with the tools and resources necessary to succeed in this new marketplace.”
Christopher Guarino, president of BISYS’ Retirement Services, added: “It is rewarding to expand our relationship with Seligman and to be selected to support their entrance into a strategic new market. BISYS provides the comprehensive array of recordkeeping and administrative services necessary for financial services firms to enter, successfully compete, and succeed in the owner-only 401(k) market. We are delighted to leverage our solutions to enable leading financial services firms like Seligman to capitalize on this material growth opportunity.”
George Evans, executive vice president of business development for BISYS’ Investment Services Group, commented: “BISYS offers administrative and recordkeeping solutions for the full spectrum of retirement plans, ranging from large 401(k) plans to owner-only Individual(k) plans. Our solution demonstrates BISYS’ ability to proactively develop the business solutions that financial services organizations need in the ever-changing retirement plan industry.”
Seligman is the seventh firm to select BISYS’ Individual(k) solution since the alternative retirement savings plan was introduced as a provision of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA).