Metavante Sells 401k Third-Party Administration Business
December 31 2004 - 2:06PM
PR Newswire (US)
Metavante Sells 401k Third-Party Administration Business MILWAUKEE,
Dec. 31 /PRNewswire-FirstCall/ -- Metavante Corporation, the
financial technology subsidiary of Marshall & Ilsley
Corporation (NYSE:MI), announced that effective today it has sold
its small business 401k Retirement Plan Services operations to two
companies effective January 1, 2005. The 401k Retirement Plan
Services business had been focused on administering retirement
plans for small businesses of less than 300 employees. M&I
Trust Company will continue to focus on large retirement plans and
is unaffected by this transaction. The two acquiring companies are
EMJAY Corporation, a wholly owned subsidiary of Great-West Life
& Annuity Insurance Company, of Greenwood Village, Colo., and
The Retirement Advantage, Inc., a Port Washington, Wis.- based
company. Metavante will provide supporting technology services to
the two companies for a transitional period of 12 to 24 months. "By
aligning Retirement Plan Services with two high-quality partners
that share the Metavante customer care philosophy, our clients,
employees and institutional partners will be well supported. The
two acquiring companies each have a long-term history in the
business and are focused on retirement plan administration for
small and mid-sized companies," said Thomas R. Mezera, senior vice
president, Metavante Corporation. About Metavante Metavante
Corporation delivers banking and payment technologies to financial
services firms and businesses worldwide. Metavante products and
services drive account processing for deposit, loan and trust
systems, image- based and conventional check processing, electronic
funds transfer, and electronic presentment and payment.
Headquartered in Milwaukee, Metavante (http://www.metavante.com/)
is wholly owned by Marshall & Ilsley Corporation. DATASOURCE:
Metavante Corporation CONTACT: Sam Kim of Metavante Corporation,
+1-678-533-4861, or Web site: http://www.metavante.com/
Copyright
Marshall & Ilsley (NYSE:MI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Marshall & Ilsley (NYSE:MI)
Historical Stock Chart
From Jul 2023 to Jul 2024
Real-Time news about Marshall & Ilsley Corp (New York Stock Exchange): 0 recent articles
More Marshall & Ilsley News Articles