BISYS(R) Retirement Services and Pentegra Retirement Services Announce a Strategic Alliance to Provide Expanded Services to Fina
July 17 2007 - 1:15PM
Business Wire
BISYS Retirement Services, the nation's largest independent
administrator and recordkeeper for small- and mid-sized retirement
plans, and Pentegra Retirement Services, a leading full-service
provider of defined contribution and defined benefit plan services,
today announced that they will begin offering the BISYS
LinkInsight� product to financial advisor channels. BISYS is
responsible for servicing approximately 27,000 defined contribution
plans, covering nearly 1.7 million participants, and maintains an
extensive open architecture investment platform, covering thousands
of mutual funds across more than 100 leading fund families. Through
its relationship with Pentegra, a highly-regarded third party
administrator, BISYS stands to broaden its footprint in the
retirement plan marketplace. �BISYS is extremely excited about our
new relationship with Pentegra,� said Charles Wenzel, senior vice
president at BISYS Institutional Sales. �Through this mutually
beneficial arrangement, financial advisors can leverage BISYS�
LinkInsight platform and Pentegra�s combined defined benefit and
defined contribution plan experience to offer an integrated
retirement plan solution.� Pentegra oversees the retirement
programs of more than 600 community banks, credit unions and other
small businesses representing over $4.3 billion dollars in assets
under administration. �We�re very happy to begin working with
BISYS. Through this strategic alliance, Pentegra gains access to
BISYS� extensive mutual fund platform to meet the needs of
financial advisors,� said Gwen Burroughs, chief marketing officer
at Pentegra. The relationship will leverage BISYS� LinkInsight open
architecture service model. This model enables third party
administrators (TPAs) and financial advisors (FAs) to work
seamlessly together to provide retirement plan solutions to plan
sponsors and their participants. Specifically, LinkInsight
complements the TPA�s ability to provide retirement plan design,
documentation and administration in a consultative fashion while
applying the FA�s expertise regarding the investment selection
process for each retirement plan. From an administrative
perspective, the model includes plan installation and conversion
support, daily valuation and recordkeeping, Web-enabled access to
information, and a suite of sponsor-and participant-directed
services, communications, education and support. About BISYS
Retirement Services BISYS provides high-quality outsourcing
solutions for every segment of the retirement marketplace. Programs
are tailored to effectively support institutional retirement plan
providers and selected intermediaries, facilitating their ability
to service their plan sponsor and participant clients. Core
offerings cover every component of a sophisticated retirement
infrastructure, including administration, recordkeeping, ERISA
consulting, distribution support, training and documentation. BISYS
Retirement Services is a division of The BISYS Group, Inc. About
BISYS The BISYS Group, Inc. (NYSE: BSG) provides outsourcing
solutions that enable investment firms, insurance companies, and
banks to more efficiently serve their customers, grow their
businesses, and respond to evolving regulatory requirements. Its
Investment Services group provides administration and distribution
services for mutual funds, hedge funds, private equity funds,
retirement plans, separately managed accounts and other investment
products. Through its Insurance Services group, BISYS is the
nation's largest independent wholesale distributor of life
insurance and a leading independent wholesale distributor of
commercial property/casualty insurance, long-term care, disability,
and annuity products. Additional information is available at
www.bisys.com. About Pentegra Retirement Services Founded in 1943,
Pentegra Retirement Services is the leading provider of retirement
products and services to community banks, credit unions and small
businesses nationwide with over $4 billion dollars under
management. With over 64 years of experience in managing retirement
programs, the White Plains, NY based company provides a diverse
array of retirement products including 401(k), KSOP, ESOP, Defined
Benefit Pension, Profit Sharing and Executive Benefit and Director
plans to the financial community and corporations nationwide.
Pentegra is a Preferred Provider of the ICBA Financial Services
Corporation, a subsidiary of the Independent Community Bankers of
America, and is endorsed by America's Community Bankers and
affiliated with the American Bankers Association, and is a National
Association of Federal Credit Unions (NAFCU) Services Corporation
Preferred Provider. Except for the historical information contained
herein, the matters discussed in the press release are
forward-looking statements within the meaning of the safe-harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are based on management's current
reasonable expectations and are subject to certain assumptions,
risks, uncertainties and changes in circumstances due to future
events as well as changes in economic, competitive, regulatory
and/or technological factors affecting BISYS' business, including,
without limitation, the impact of the Company's evaluation of
strategic alternatives and the outcome of pending and future
government investigations and litigations involving the Company.
More detailed information about risk factors that could cause
actual results to differ materially are noted in BISYS' periodic
filings with the Securities and Exchange Commission, including its
Annual Report on Form 10-K for the year ended June 30, 2006 and
quarterly report on Form 10-Q for the quarter ended March 31, 2007.
These documents can be accessed on BISYS' website at www.bisys.com
under the "Investor Relations" tab. Forward-looking statements are
only predictions, not guarantees of performance, and speak only as
of the date they are made. BISYS disclaims any obligation to update
or amend these statements in light of new information, future
events or otherwise.
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