The agreement calls for BISYS to provide a variety of recordkeeping support services, including:
- Web and interactive voice response (IVR) inquiry capabilities,
- call center services, and
- sales support.
Last April GE launched GE Custom 401(k), with quarterly statements, on-site enrollments, and the ability to access account information online through an alliance with BISYS (see GE Unveils Small Business Plan Options ).
In January, the firm was tapped to provide recordkeeping services for 150 balance forward plans of National City Corporation (see BISYS Tapped by National City for Balance Forward Plans ). Last October the firm picked up 340 plans from employee benefit broker CBIZ Retirement Services (see CBIZ Outsources Recordkeeping Services ), the small-plan business of Prudential Financial last August (see BISYS Picks Up More Business With Pru Outsourcing Deal ), and in 2001 the small plan business of Merrill Lynch (see Merrill Launches New Retirement Network ). BISYS acquired Universal Pensions Inc. in 2001 (see BISYS Acquires Universal Pensions ).
Through its relationships with 40 institutional clients, BISYS supports more than 15,000 company-sponsored 401(k) plans, representing approximately 1.2 million eligible employees, according to the firm.