Union Planters Outsources Recordkeeping to UPI

March 26, 2001 (PLANSPONSOR.com) - Joining a renewed trend, Union Planters has decided to outsource its 401(k) recordkeeping to Universal Pension, Inc. (UPI).

The move by the Memphis-based bank involves some 250 plans with approximately 30,000 participants. Already underway, it is expected to be completed by the end of April.

Union Planters also says UPI will assist in the development of its asset acquisition and retention strategy in their retirement plan operations, specifically the targeting of retirees/job changer rollovers to individual retirement accounts, or IRAs.

Renewed Trend

UPI was tagged to pick up John Hancock’s recordkeeping earlier this month (see Hancock Sells 401(k) Recordkeeping to UPI ).  That move involved 1,300 plans with 160,000 participants. 

In February, southeastern regional player Wachovia Bank opted to move its recordkeeping business to Invesco.  Both Hancock and Wachovia cited a desire to focus on businesses more closely aligned with corporate objectives.  

Universal Pensions is based in Brainerd, Minnesota, founded in 1975.