Metavante Sheds Small 401(k) Biz

December 31, 2004 (PLANSPONSOR.com) - Metavante Corporation, the financial technology subsidiary of Marshall & Ilsley Corporation, today announced that it has sold its small business 401k Retirement Plan Services operations to two companies effective January 1, 2005.

The two acquiring companies are EMJAY Corporation, a wholly owned subsidiary of Great-West Life & Annuity Insurance Company, of Greenwood Village, Colorado, and The Retirement Advantage, Inc., a Port Washington, Wisconsin-based company. Metavante will provide supporting technology services to the two companies for a transitional period of 12 to 24 months.

The 401k Retirement Plan Services business had been focused on administering retirement plans for small businesses of less than 300 employees. M&I Trust Company will continue to focus on large retirement plans and is unaffected by this transaction, according to a press release.

“By aligning Retirement Plan Services with two high-quality partners that share the Metavante customer care philosophy, our clients, employees, and institutional partners will be well supported. The two acquiring companies each have a long-term history in the business and are focused on retirement plan administration for small and mid-sized companies,” said Thomas R. Mezera, senior vice president, Metavante Corporation.  

Headquartered in Milwaukee, Metavante (www.metavante.com) is wholly owned by Marshall & Ilsley Corporation.

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