Products November 15, 2004

Fifth Third Beefs Up RK Platform

November 15, 2004 (PLANSPONSOR.com) - The Fifth Third Bancorp has added features and expanded functionality to its Retirement Advantage defined contribution retirement plan recordkeeping platform.
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A bank news release said Retirement Advantage’s recordkeeping services are provided via proprietary technology known as the Innovative Strategic Investment System (ISIS), developed and supported by FASCorp. Fifth Third Bancorp is transitioning its existing retirement plan clients to the new recordkeeping platform in waves – with no blackout period – and will be complete in the first quarter of 2005, according to the announcement.

Benefits of the platform, according to the company, include:

  • real-time Web and voice response systems
  • paperless, online recordkeeping
  • numerous transactions that both plan sponsors and participants can perform on their respective Web sites.

Participants can also access a Spanish- and English-speaking call center staffed with customer service representatives licensed in Series 6 and Series 63.

According to the announcement, the new features augment the continuing benefits of Retirement Advantage, such as a dedicated Relationship Manager; investment management and selection; self-directed brokerage services; and education and enrollment services. Another ongoing feature of Retirement Advantage is the Fiduciary PowerPak, a proprietary liability protection and documentation tool that helps plan sponsors with their fiduciary responsibilities.

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