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BISYS Unveils Auto Enrollment Features

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A financial services support company is trying to help employers prepare for a major change in 401(k) plan operations.

BISYS Group Inc., Roseland, N.J., says it will be adding an automatic retirement plan enrollment and deferral increase option to its plan services program starting Jan. 1, 2007.

The new federal Pension Protection Act includes a provision supporting the addition of plan automation features, and Prudential Financial Inc., Newark, N.J., recently published survey results suggesting that many plan members like the idea of plan automation.

BISYS also has updated its enrollment book, revamped its participant account statements, put a personalized rate-of-return indicator on its participant Web site, introduced an automatic account rebalancing feature, and added investment information services from Morningstar Inc., Chicago.