Wachovia Retirement Services upgrades recordkeeping platform
Wachovia Retirement Services (NYSE: WB) announced today that it has upgraded and enhanced its Wystar recordkeeping platform.
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"These enhancements are part of our strong, ongoing commitment to the institutional retirement plan business," said Joe Ready, director of Wachovia Retirement Services. "We meet with our clients regularly to understand how we can advance our capabilities to help them address challenges in managing their company retirement plan. These latest enhancements streamline our clients' administrative process while offering convenient ways for participants to maintain an appropriate asset allocation until retirement."
Enhancements include:
Standard and Custom Reporting: Enables plan sponsors to initiate approximately 25 standard reports as well as the ability to create customized reports via the plan sponsor Web site. Age-Based Investing: Offers the ability to set default funds based on a participant's age. As participants in the program age, they will automatically be moved through the age-based funds. Participant Level Auto Rebalance: Provides the capability for participants to choose an option via the Internet or VRU to automatically rebalance their accounts according to their current investment elections on a periodic basis.
According to the Wachovia Retirement Fitness Survey released earlier this year, nearly 80 percent of consumers say they could do a better job planning and saving for retirement. About 50% are emotionally distressed about retirement, expressing uncertainty, worry or fear of making a mistake.
"Our goal is to provide sponsors with plans that make it easy and convenient for participants to save for retirement," said Keith Sykes, defined contribution product manager. "The Wystar enhancements complement and build upon Wachovia's existing suite of retirement services solutions. We continue to be extremely pleased with the flexibility and scale of our system, allowing us to enhance our defined contribution offering at no additional cost to plan sponsors and participants.