Products August 9, 2005

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.

Reported by

Fred Schneyer

A 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.