Delaware Investments signs with Bisys for retirement plan admin services
21 April 2004 | 1067 views | 0
BISYS, a leading provider of business process outsourcing solutions for the financial services sector, today announced that it has been selected by Philadelphia-based Delaware Investments to provide recordkeeping and administration services for approximately 1,700 retirement plans, representing more than 130,000 plan participants and approximately $2 billion in assets.
BISYS will support Delaware Investments with its comprehensive suite of technology-driven retirement plan recordkeeping and administration services, which includes prototype plan design and maintenance, plan administration, forms and documents, customized marketing and sales support materials, reference resources, toll-free access to industry expertise and assistance, extensive Web and interactive voice response (IVR) inquiry capabilities, and Web-based planning tools and content.
According to Tom McConnell, senior vice president of tax-advantaged product management for Delaware Investments, "We believe the combination of BISYS’ high quality services, industry expertise, and state-of-the-art technology provides a more sophisticated solution that will enable us to enhance the services supporting our retirement clients and our presence in this marketplace. Key factors in our selection process were BISYS' proven ability to seamlessly convert large plans to its recordkeeping platform, its complete understanding of our specific business goals, and its ability to provide the resources necessary to help us accomplish those goals."
Christopher Guarino, president of BISYS Retirement Services, said, "We support our diverse clients with a retirement plan infrastructure that would be practically impossible for an individual organization to develop, implement, and maintain. We believe Delaware Investments’ ability to leverage the industry-leading recordkeeping platform, the broad array of value-added support services, and the extensive human and technology resources residing within our infrastructure will efficiently, effectively, and proactively support its business development and service goals, and enable it to strategically focus on its core competencies."
George Evans, executive vice president of business development for BISYS' Investment Services group, said, "We believe there is no better testament to our company-wide commitment to providing innovative products and outstanding service than an existing client's decision to expand its BISYS relationship. We have enjoyed supporting Lincoln Financial Group, Delaware Investments’ holding company, with the insurance distribution solutions provided by BISYS Life Insurance Services; the turnkey account and information processing services provided by BISYS Asset Retention Solutions; and the market analytics, advanced research, and customized consulting services provided by Financial Research Corporation (FRC), a BISYS subsidiary. We welcome the opportunity to leverage our success supporting Lincoln Financial Group to now support Delaware Investments with our industry-leading retirement services."
BISYS expects to complete the conversion of Delaware Investments’ retirement plans to its recordkeeping platform early in the third quarter of calendar 2004.