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
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.