BISYS Retirement Services today announced its acquisition of Total Benefit Communications, Inc., an Atlanta-based provider of employee benefit meeting services.
Terms of the transaction were not disclosed.
The acquisition of Total Benefit Communications strategically expands BISYS' retirement and health savings product offering by strengthening its ability to provide education at the employee level that is more specific to an employer's benefit offering. Enrollment meetings are delivered by an extensive national network of more than 700 qualified professionals who have experience in all areas of employee benefits, ranging from 401(k) and defined benefit to health and welfare.
Total Benefit Communications will continue to offer its services to the entire employee benefits industry. Their services will also be available to the more than 7,000 financial institutions that are clients of BISYS Retirement Products and Solutions group, as well as the 48 institutional partners and their sales intermediaries through which BISYS services more than 21,000 qualified retirement plans.
"With the increased demand for employee-level education and communication, the acquisition of Total Benefit Communications gives employers new opportunities to educate employees and drive participation in their benefit plans whether it be their retirement, health savings or health and welfare plans," said Bob Guillocheau, president of BISYS Retirement Services.
Steve Christenson, vice president of retirement products and solutions for BISYS Retirement Services, added, "Studies show that plans that offer enrollment meetings have consistently higher retirement plan enrollment rates. The educational format of Total Benefit Communications' meetings will help plan sponsors garner the attention of the more than 30 percent of eligible employees who are not currently enrolled in their company's retirement plan."
Anne Heape McKillips, President of Total Benefit Communications who will lead the group's efforts under BISYS, said, "Joining BISYS allows us to reach a broader group of individuals and build on the relationships that BISYS has established with its vast network of financial institution alliances and their financial advisors."