Wachovia Bank, N.A. (NYSE: WB) and McCamish Systems have renewed their non-qualified administration recordkeeping agreement for an additional five years. McCamish Systems will continue to provide non-qualified retirement plan recordkeeping services to Wachovia Wealth Management, as they have done for the last five years.
"We feel as though McCamish provides a state of the art non-qualified recordkeeping platform and service offering in the market place. They have consistently proven they can service our most complex plans. Wachovia is very comfortable with the services McCamish has provided during the original term and their ability and willingness to adapt their systems, processes, and services to our needs. This arrangement gives our team the confidence of knowing their sales opportunities are not bound by plan administration constraints," said John Smith, manager of Wachovia Executive Services.
Wachovia is one of the nation's largest personal trust providers, and this alliance allows them to focus on the services that define their executive compensation product, including plan design, investment management, trust consulting, and change in control guidance. McCamish provides the recordkeeping system and other administrative services. Plan sponsor and participant Internet access is provided within McCamish's Internet application with appearance and content custom developed to Wachovia's requirements.
"We are extremely proud of our relationship with Wachovia. One of our strategic objectives at McCamish Systems is to create meaningful, long-term relationships, which are not possible to achieve without consistent execution and performance. The fact that Wachovia has renewed with us for five years demonstrates execution with our business model," said Gordon Beckham, President and Chief Executive Officer of McCamish Systems. "Five years ago Wachovia took a huge leap of faith to become our first non-qualified recordkeeping client. Their commitment to our company and offering, then and now, has helped us tremendously, and obviously, as evidenced by our latest agreement, we must be helping them. It has been and continues to be a great partnership and we are quite fortunate to have Wachovia as a client."