Close Close

Retirement Planning > Retirement Investing

BISYS Adds Auto-Enrollment Tools

Your article was successfully shared with the contacts you provided.

A support services company is preparing for changes in the laws and regulations governing 401(k) retirement plans.

BISYS Group Inc., Roseland, N.J., says it is introducing the (k)ruise Control package of automatic enrollment features for 401(k) plan sponsors and advisors.

Congress recently included a provision permitting employers to enroll employees in 401(k) plans automatically in the Pension Protection Act of 2006.

The (k)ruise Control package will help plans implement the new rules, which take effect in 2008, by adjusting initial, minimum and maximum deferral rates; changing the schedule governing all eligible employees’ deferral increases; and defining default investments.

BISYS also has developed a communications program to explain the auto-enrollment changes to employees.

Employees will retain the right to drop out of the auto-enrollment program and adjust their deferral levels and asset allocations, BISYS says.


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.