BISYS expects to complete the conversion of Delaware Investments’ retirement plans, which include some 130,000 participants and some $2 billion in assets, to its recordkeeping platform early in the third quarter of calendar 2004.
Chicago-based Harris Trust recently sold its traditional employee benefits business to Wells Fargo, effective June 1 (see Harris Exits EB Biz, Turns to Wells ), and rumors abound that other providers are beginning to “shop” their recordkeeping business as well.
Tom McConnell, senior vice president of tax-advantaged product management for Delaware Investments, said that key factors in the selection of BISYS were its “ability to seamlessly convert large plans to its recordkeeping platform, its complete understanding of our specific business goals, and its ability to provide the resources necessary to help us accomplish those goals.”
BISYS is indeed no stranger to the acquisition game, having picked up the recordkeeping business of The Benefit National Companies (see BISYS Begins Serving BNC K Plans ) and the Bank of Hawaii (see Bank of Hawaii Taps BISYS For Balance Forward Plans ) in recent months.
In Delaware’s case, BISYS says it sill provide those customers with its suite of technology-driven retirement plan recordkeeping and administration services, including:
- prototype plan design and maintenance,
- plan administration,
- forms and documents,
- customized marketing and sales support materials,
- reference resources,
- toll-free access to industry expertise and assistance,
- Web and interactive voice response (IVR) inquiry capabilities, and
- Web-based planning tools and content.
Last year a number of providers folded their tents, or opted to rely on new partnerships to deliver theseservices, including US Bank’s decision to hire out its recordkeeping to BISYS, Wachovia’s acquisition of PFPC’s recordkeeping and third-party servicing business, as well as Wachovia’s more recent pickup of BONY’s business (see Wachovia Picks Up BoNY’s DC Recordkeeping, Trustee Offerings ) as well as Hewitt’s acquisition of Atlanta-based Northern Trust Retirement Consulting (NTRC) (see America’s Top Recordkeepers ).