Wells Fargo Unveils Pension Product

May 14, 2002 (PLANSPONSOR.com) - Wells Fargo clients may have an easier time administering a pension plan with a new Internet product, Retirement Plan Payments (RPP).

RPP gives plan sponsors access to participant records, distributions, and retiree payment data, according to a Wells Fargo press release. The access is through Wells Fargo’s business portal, Commercial Electronic Office.

The company had already introduced functionality to the site providing for daily financial reporting, enhanced audited financial reporting, and investment performance measurement, the company said.

Wells Fargo announced earlier this month that it had agreed to buy some institutional trust and custody businesses from larger rival J.P. Morgan Chase for an undisclosed sum.

Under the deal, Wells Fargo will assume custody of retirement assets and other funds generated by institutions in Dallas, Houston, and Rochester, New York.