BISYS Announces Addition of Auto Plan Features

September 18, 2006 ( - BISYS has announced the addition of automated enrollment and deferral increase features for 401(k) retirement plans.

According to the announcement, (k)ruiseControl also allows plan sponsors to define initial, minimum and maximum deferral rates; the schedule by which deferral increases occur for all eligible employees; and default investments.

Additionally, to help clients in implementing the automated options, BISYS provides prototype plan documents, guidance and ERISA support, a full range of participant communications and plan-level reporting specifically in support of auto-enrollment administration, the announcement said.

Employees are able to opt out of enrollment, adjust their level of elective deferrals or modify the investment allocation in their account.

Michael Narkoff, senior vice president, Distribution Services for BISYS Retirement Services, said in the release, “It truly gives plan participants a co-pilot to help them achieve their retirement savings objectives.”

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