UBOC Brings Together DB, DC Services

May 22, 2001 (PLANSPONSOR.com) - Union Bank of California (UBOC) has launched SELECTBENEFIT PLUS, a service that combines defined benefit and defined contribution retirement plan services.

UBOC is the latest provider to offer a combined platform for pension and defined contribution plans for plan sponsors. It is also the latest in a series of product enhancements made to the SELECTBENEFIT product line.

The integration of multiple plan information through a single source and portal is designed to allow companies with multiple retirement plans to:

  • save time
  • reduce overall total plan costs
  • increase communication to participants about their total retirement benefits

Product Features

Features of the SELECTBENEFIT PLUS product include:

  • Single point of contact for day-to-day relationship management and account servicing
  • Single point of delivery for plan, payroll and participant data
  • Single point of contact for plan participants via call center for information about defined benefit and defined contribution plans
  • Virtual 24/7 access to plans, via telephone, or Internet (single portal Internet access will be available later in the year)
  • A range of brand name mutual funds for defined contribution plans
  • Individually directed accounts
  • A variety of investment management options for defined benefit plans, including managed accounts, commingled funds and publicly traded mutual funds
  • participant education, including total retirement planning
  • Independent investment advice module

San Francisco-based UBOC currently has more than $138 billion in assets in the employee benefit trust, securities services and investment management markets.

The move is one of a series of SelectBenefits program enhancements, including self-directed brokerage ( UBOC Offers New Self-Directed Brokerage Option ), online advice ( UBOC Selects S&P Advice ) and wireless Internet tools ( UBOC Adds Wireless Tools to 401(k)  )