Sharp Electronics Plugs Into Schwab
August 17 2005 - 9:01AM
PR Newswire (US)
401(k) and Pension Plans Represent $225 Million in Assets SAN
FRANCISCO, Aug. 17 /PRNewswire-FirstCall/ -- Sharp Electronics
Corporation (Mahwah, NJ), the corporate headquarters for the North
and South American operations of Sharp Corporation, Japan, has
selected Schwab Corporate Services as its new retirement plan
provider. Sharp, one of the world's largest electronics companies,
is a worldwide developer and innovator of core technologies that
are integral to shaping the next generation of home entertainment
products, appliances, networked multi-function office solutions,
solar energy and mobile communication tools. Sharp will be moving
its $135 million 401(k) plan and two defined benefit pension plans
totaling $90 million to Schwab later this year. "Schwab shares our
goal of helping our employees get to and through a comfortable
retirement," said David Alai, vice president at Sharp Electronics.
"Last year, we brought our nonqualified deferred compensation plan
to Schwab. That very positive service experience, plus our desire
to find a committed provider that could help us with all of our
retirement plans, led us right back to Schwab for our 401(k) and
defined benefit plans." "We are very pleased to have earned Sharp's
trust and the opportunity to service all of the firm's retirement
plans. We are looking forward to providing Sharp's employees with
the retirement and financial planning resources they need during
their working years and in retirement," said Trish Cox, chief
operating officer, Schwab Retirement Plan Services. The Sharp
401(k) plan will convert to Schwab in October, and the two defined
benefit plans will convert to Schwab in December. About Schwab
Corporate Services Schwab Corporate Services (SCS) provides
services to retirement plans, retirement plan sponsors and
participants through Schwab Retirement Plan Services, Inc. (SRPS),
The Charles Schwab Trust Company (CSTC), Schwab Retirement
Technologies(R), and Charles Schwab & Co., Inc. SCS also
provides equity compensation plan services and other financial and
retirement services to corporations and executives. SRPS provides
recordkeeping and related services with respect to retirement
plans. CSTC, a California state-chartered trust company, provides
trust and custody services with respect to retirement and other
benefit plans. Schwab Retirement Technologies is engaged in
developing and licensing proprietary retirement plan recordkeeping
systems to independent third party administrators. Charles Schwab
& Co., Inc. (Member SIPC) is a registered broker/dealer,
offering the Schwab Personal Choice Retirement Account(R) (PCRA),
as well as other brokerage and custody services to its customers.
These entities are affiliates of each other and are wholly owned
subsidiaries of The Charles Schwab Corporation. Total client assets
in employer-sponsored retirement plans at Schwab equaled $133
billion at the end of June 2005. The Charles Schwab Corporation
(NYSE / Nasdaq: SCH), through Charles Schwab & Co., Inc.
(member SIPC), U.S. Trust Corporation (member FDIC),
CyberTrader(R), Inc. (member SIPC) and its other operating
subsidiaries, is one of the nation's largest financial services
firms. (0805- 8964). DATASOURCE: Charles Schwab CONTACT: Mike
Peterson of Charles Schwab, +1-330-908-4334, or Web site:
http://www.schwab.com/
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