Fleet Moves Recordkeeping to INVESCO

May 1, 2001 (PLANSPONSOR.com) - Fleet Retirement Plan Services has decided to outsource its recordkeeping services and support staff to INVESCO Retirement, Inc.

Recordkeeping for Boston-based Fleet’s defined contribution accounts will transition to INVESCO’s system by year-end 2001.

INVESCO will assume Fleet ‘s recordkeeping facility in Lincoln, Rhode Island, retaining employees now performing participant recordkeeping and support functions at that location.

Atlanta-based INVESCO was tapped to run southeast regional bank Wachovia’s recordkeeping business in February (see In Depth: Another Recordkeeper Bites the Dust ).
According to the companies, the partnership will allow Fleet to offer corporate plan sponsors and their employee participants a number of enhancements, including:

  • new investment choices from additional fund families
  • bi-lingual phone service representatives with expanded hours
  • access to a data warehouse to develop tailored plan administration reports
  • improved participant statements with transactions.

Fleet and INVESCO Retirement also plan to offer a full Internet based 401(k) product to the small and mid-sized business market.