BISYS will support approximately 150 balance forward plans and their more than 12,000 plan participants, with a suite of services, including
- contribution processing
- periodic account valuation
- participant statement generation
- sponsor reporting
- non-discrimination and compliance testing
- distribution processing.
George Evans, BISYS executive vice president for investment services, told PLANSPONSOR.com that the National City deal was an example of BISYS’ efforts to take on a variety of different sized plans into its recordkeeping platform.
“We are clearly moving this business up market,” Evans said. ” I think you’re going to see a much more balanced effort relative to small, mid and large plans now. I think we need to bring that (size plan) onto those (BISYS) platforms.”
Late last year, National City turned to Hewitt Associates take on 401(k) administration for its clients. As part of the agreement, Hewitt will assume responsibility for National City’s 401(k) recordkeeping staff and functions in Kalamazoo, Michigan, which currently provide those services to 130,000 employees at more than 300 client organizations.
National City will continue to directly provide these clients with employee education, sponsor communication, investment reviews, plan design and trustee services, the companies said (See Hewitt Takes Outsourcing to a New Level ).