Jon Kuczik, Prudential Financial vice president of plan sponsor services, told PLANSPONSOR.com the BISYS deal simply continues Prudential’s business strategy of concentrating on larger plans with at least $3 million in assets-in part for profitability reasons.
Prudential has decided in partnership with its US Consumer Group and Prudential Securities, Inc. to offer BISYS as the successor recordkeeper for its Third Party Administrator (TPA) Alliance plans.
Plan sponsors of the non-TPA Alliance plans will be able to choose their own administrator, Prudential Financial said.
These transitions will take place during the remainder of 2002.
Merrill Lynch completed a similar deal with BISYS in October 2000.
As with Prudential Financial, the Merrill deal called
for plans small than $3 million to make the move to BISYS.