Bisys to support the delivery of individual(K) plans to Pershing customers


BISYS, a leading provider of business process outsourcing solutions for the financial services sector, has been selected to support the Individual(k) retirement savings alternative offered by New Jersey-based Pershing LLC, a member of BNY Securities Group and subsidiary of The Bank of New York.

Bisys supports Pershing's private-labeled retirement plan for sole proprietorship businesses with its turnkey administration and recordkeeping solution.

Pershing is a leading provider of financial products, services, and outsourcing solutions to independent retail and institutional broker-dealers representing every segment of the financial services industry. Through its relationship with BISYS, Pershing has added Individual(k) plans, which allow small-business owners to contribute up to $40,000 annually to their retirement savings, to its comprehensive array of financial products.

BISYS supports Pershing's delivery of Individual(k) plans by performing the recordkeeping and administrative functions Pershing and its customers require to effectively compete in this significant market segment. The support services BISYS provides include professional product training, plan installation services, client-branded marketing and educational materials, employer kits, IRS-approved prototype plan documents, and dedicated Web sites and tools for plan participants.

According to Brian Shea, chief operating officer of Pershing, "BISYS offers a comprehensive and technologically advanced solution for Individual(k) plans and their participants. By leveraging BISYS' competitively distinct solution and industry expertise, we are providing Pershing’s customers with access to a retirement savings alternative that enables them to capitalize on this significant new market opportunity."

According to Christopher Guarino, president of BISYS Retirement Services, "We are excited about the end-to-end Individual(k) solution we have developed and about our ongoing selection by retirement industry leaders and innovators. Our expanding client roster and relationships are direct results of our ability to proactively and consistently meet the requirements of the dynamic, technology dependent retirement industry."

George Evans, executive vice president of business development for BISYS Investment Services, added, "We are confident our Individual(k) platform and our surround technology and services will support Pershing and its customers in this strategic marketplace with a seamless, cost-effective, and growth-enabling solution."

Comments: (0)