BISYS OFFERS SEAMLESS ACCESS TO INTERNET-BASED COLLEGE FUNDING APPLICATION
-- Strategic Alliance with 529 Solutions Enables BISYS to Enhance Support for its Clients' Asset Generation and Retention Strategies --
BISYS, a leading provider of business process outsourcing solutions for the financial services sector, now supports its Retirement Services clients with seamless access to College Central™, the Web-based college funding application developed by North Carolina-based 529 Solutions. The College Central application enhances financial services organizations' existing Web sites with comprehensive information on education savings vehicles, including state-specific 529 college savings programs, and sophisticated online planning tools that support consumers' diverse college savings needs.
Designed to meet the growing expense of college education, 529 college savings programs are the fastest growing funding alternative for higher education. These programs offer tax-deferred compounding, numerous investment options, high contribution limits, unlimited contributors, tax-deferred withdrawals for qualified expenses, and can be used at any accredited school nationwide and at certain international schools.
The College Central application strategically complements BISYS' proprietary Retirement Central application, which is a comprehensive, front-end solution designed to seamlessly integrate with financial services organizations' existing Web sites and provide retirement-related planning tools and educational information.
Christopher Guarino, president of BISYS Retirement Services, said, "We are now uniquely positioned to support the asset generation and retention strategies of our financial services clients with innovative online applications for college and retirement saving programs. Enabling our clients to more efficiently support consumers' two primary savings needs with comprehensive educational resources and sophisticated planning tools further demonstrates our ability to consistently support dynamic market trends and demands with leading-edge products and services."
According to Robert Shipley, president of 529 Solutions, "The College Central technology and its intuitive tools are a natural extension of BISYS' Retirement Central application, and incorporate many of the powerful customization options that are the hallmark of the Retirement Central application. Consumer demand for assistance with college savings decisions is continually growing, and last year's exorbitant tuition increases and the availability of multiple tax-favored savings plans created even more confusion. We believe that the integration of BISYS' Retirement Central application and 529 Solutions' College Central application, which can be customized to support the unique operational requirements and asset generation goals of financial organizations of all sizes, will create a robust and unique solution for today's highly competitive marketplace."
BISYS' Fund Services division also provides portfolio accounting and reporting services for 529 college savings plans.
About 529 Solutions
529 Solutions, the leading provider of consolidated 529 plan information and marketing tools, is a service of Specialized Investments Group, Inc., based in Raleigh, N.C. Servicing banks and credit unions, broker-dealers, universities, affinity marketing firms, Internet marketing companies, employers, and financial service providers nationwide, 529 Solutions provides objective, current information on each state's 529 tuition savings plan(s) through top faculty at N.C. State University's College of Management. 529 Solutions partners with Archimedes Systems, Inc. of Waltham, Mass., and NextStudent of Phoenix, Ariz., to provide an ever-increasing, best-of-breed suite of decision support tools to plan, save, and pay for college. 529 Solutions is first-to-market with a cutting-edge, Web-enabled delivery system to offer multiple 529 plans on a single platform and consistently delivers solutions that combine the convenience of technology with the warmth and wisdom of a live investment professional. For more information about 529 Solutions, visit the website www.529solutions.com.
529 Solutions developed the College Central application in partnership with Massachusetts-based Archimedes Systems, Inc. (www.archimedes.com), a leading developer of personal financial decision support tools.
About BISYS Retirement Services
BISYS is the nation's largest independent administrator and recordkeeper for small and mid-size retirement plans, offering every component of a sophisticated retirement plan infrastructure, including prototype plan design and maintenance, plan administration, forms and documents, customized marketing and sales support materials, reference resources, a toll-free help line for ongoing access to industry expertise and assistance, Web-based planning tools and content, staff training and development, and a turnkey administration and recordkeeping solution for Individual(k) plans. Through its relationships with 40 institutional clients, BISYS' technology-driven retirement services support more than 18,000 company-sponsored 401(k) plans, representing approximately 1.5 million eligible employees. BISYS also supports approximately 400,000 employers and four million IRA holders with ERISA documents and related support services, and trains approximately 12,000 retirement industry professionals annually.
About BISYS
The BISYS Group, Inc. (NYSE: BSG), headquartered in New York City, provides business process outsourcing solutions that enable investment firms, insurance companies, and banks to capitalize on convergence by entering new segments of the financial services industry. BISYS currently supports more than 22,000 domestic and international financial institutions and corporate clients through three business units.
Its Investment Services group provides administration and distribution services for approximately 370 clients, representing approximately 2,200 mutual funds, hedge funds, private equity funds, and other alternative investment products with approximately $750 billion in assets under administration.
BISYS' largest group also provides retirement services to more than 18,000 companies in partnership with 40 of the nation's leading banks and investment management companies, and offers analytical research and competitive information through its Financial Research Corporation (FRC) subsidiary.
Through its Insurance and Education Services group, BISYS is the nation's largest independent distributor of life insurance and the premier provider of the support services required to sell traditional and variable life, long-term care, disability, and annuity products.
BISYS is also the nation's second largest independent wholesale distributor of commercial property/casualty insurance.
This group complements its insurance distribution services with a comprehensive compliance management solution that supports insurance and investment firms and professionals with more than 215 certification and continuing education training courses, and a sophisticated suite of products and services that automates the entire licensing process.
BISYS' Information Services group supports approximately 1,450 banks, insurance companies, and corporations with industry-leading information processing and imaging solutions, turnkey asset retention solutions, and specialized corporate banking solutions.
Additional information is available at www.bisys.com.
Contacts:
Christopher Guarino
President, BISYS Retirement Services
(215) 648-4810
chris.guarino@bisys.com
The BISYS Group, Inc.
NYSE: BSG
www.bisys.com
www.bisysretirement.com
Robert G. Shipley, Jr.
President/CEO
529 Solutions
919-791-0607
888-829-0607
bshipley@529solutions.com
February 25, 2004