Wachovia Enhances Recordkeeping Platform

July 20, 2005 (PLANSPONSOR.com) - Wachovia Retirement Services has upgraded and enhanced its Wystar recordkeeping platform, according to a news release.

According to Joe Ready, director of Wachovia Retirement Services, “These latest enhancements streamline our clients’ administrative process while offering convenient ways for participants to maintain an appropriate asset allocation until retirement.”

The news release lists the following enhancements to the platform:

  • Standard and Custom Reporting:  Enables plan sponsors to initiate approximately 25 standard reports as well as the ability to create customized reports via the plan sponsor Web site.
  • Age-Based Investing:  Offers the ability to set default funds based on a participant’s age.  As participants in the program age, they will automatically be moved through the age-based funds.
  • Participant Level Auto Rebalance:  Provides the capability for participants to choose an option via the Internet or VRU to automatically rebalance their accounts according to their current investment elections on a periodic basis.

“Our goal is to provide sponsors with plans that make it easy and convenient for participants to save for retirement,” said Keith Sykes, defined contribution product manager, in the announcement.