Never miss a story — sign up for PLANSPONSOR newsletters to keep up on the latest retirement plan benefits news.
Products December 31, 2004
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.
Reported by Nevin E. Adams
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.