Products June 2, 2002

First Union Unveils New Recordkeeping System

February 26, 2002 (PLANSPONSOR.com) - First Union Benefit Services Group has launched a new proprietary recordkeeping system it calls Nowtrac(k).

Reported by

Nicole Halsey

The new system is integrated with First Union’s trust, brokerage, fund trading, voice and internet systems and provides seamless processing for participant transactions, statement delivery and reconciliation functions.

Nowtrac(k) was developed by First Union over the course of 18 months, and uses the WYSTAR platform as its foundation. Once development was completed, First Union spent over a year converting its existing plans to the system. Today, 100% of the plans are maintained using Nowtrac(k).

First Union’s Benefit Services Group is a subsidiary of Wachovia Corporation, created through the September 1, 2001, merger of First Union and Wachovia.

More information on nowtrac(k) is at www.firstunion.com/401k

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