NU Online News Service, Jan. 31, 2005, 4:12 p.m. EST
A New York 401(k) administrator will be offering participant communications packages from an Albany, N.Y., marketing firm.[@@]
The administrator, BISYS Group Inc., will be getting the U-Singles retirement plan member education program from Newkirk Products Inc., Albany, N.Y.
The program uses direct-mailing market segmentation techniques to reach eligible employees who are not yet contributing to 401(k) plans and those who are contributing less than the maximum deferral rate.
The program relies on employee demographic information to generate projections that show employees how much they must contribute to meet a specific retirement goal.
The system also tracks overall 401(k) plan participation and deferral rates, BISYS says.
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