WI Firm Picks Up FSA Business

August 9, 2005 (PLANSPONSOR.com) - A Brookfield, Wisconsin benefit company has acquired the Flexible Spending Account (FSA) business from EMJAY.

news release from ProcessWorks, Inc. said the acquisition adds over 250 new clients to the 2,500 nationwide clients already served by ProcessWorks. EMJAY, a Great-West company providing 401(k) administration services, said that it could no longer effectively support the business.

The deal comes seven months after EMJAY acquired a portion of the small business 401(k) administration operations of Metavante Corp.  Metavante, the financial technology unit of Milwaukee-based Marshall & Ilsley Corp, sold the business January 1 to EMJAY and The Retirement Advantage Inc.