Wilmington Trust Stable Value Fund On Electronic Platform

July 9, 2003 (PLANSPONSOR.com) - Wilmington Trust announced that its stable value fund has joined the National Securities Clearing Corporation's (NSCC) FundSERV platform.

As a result, Wilmington Trust said in a news release, the $25-million Wilmington Trust Stable Value Fund now has the ability to offer electronic communication of trade, income and position information.

The Wilmington Trust Stable Value Fund is invested in a managed guaranteed investment contract (GIC) issued by MetLife and is under the direction of Eric Cheung, head of fixed-income investments at Wilmington Trust.   Units in the fund are valued daily; the rate of return is set quarterly.

Stable value funds, which are fixed-income vehicles that invest primarily in high-quality bonds and interest-bearing contracts, are designed for eligible retirement plans as an investment alternative to money market mutual funds.  Contributions and transfers in or out of the fund can be made at any time in accordance with eligible participants’ plans.   

“This is really a necessity for daily valued retirement plans today,” said Virginia Karablacas, head of Corporate Retirement Services at Wilmington Trust, in a statement.   “Manual processing is just too risky for third-party administrators and plan sponsors who want the more consistent and accurate capabilities offered by the electronic platform.”