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BISYS Adds Rollover Retention System

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NU Online News Service, Jan. 27, 2004, 5:37 p.m. EST – BISYS Group Inc., New York, wants to help financial services companies keep more retirement assets.[@@]

The company is adopting technology from Wealth Management Systems Inc., Princeton, N.J., that automates the process of rolling assets from employer-sponsored retirement plans into new individual retirement accounts.

The rollover system should help insurers, banks and other companies that manage 401(k) plans retain the business of workers who are retiring or changing jobs, BISYS says.

The rollover system routes workers’ account data from the BISYS plan recordkeeping system to the systems that financial services companies use to open brokerage accounts.