BIRMINGHAM, Alabama – October 6, 2004 -- SunGard Employee Benefit Systems, an operating group of SunGard (NYSE: SDS), announced today that it has successfully delivered the first stage of TIAA-CREF’s Open Plan Solutions, a new enhanced investment recordkeeping platform. TIAA-CREF, a financial services group of companies and the leading provider of retirement services in the academic, research, medical and cultural fields, had selected SunGard earlier this year to supply software and systems for the platform.
By incorporating SunGard’s OmniPlus recordkeeping system into its Open Plan Solutions, TIAA-CREF is able to offer its participating institutions new and improved products and services such as enhanced and customizable reporting, an expanded lineup of investment offerings (including products from other companies), and consolidated plan administration. Additional integrated SunGard products that help TIAA-CREF’s customers are OmniPay for checkwriting and pension disbursements, OmniTrade for trade management, SunGard Financial Network’s STN trading platform, and SunGard Workflow Solutions’ automated imaging and workflow system, PowerImage.
"With Open Plan Solutions, TIAA-CREF can better meet the needs of our customers by providing new and improved products and services," said Bert Scott, executive vice president of product management for TIAA-CREF. "SunGard's role was critical in delivering a new system that will help provide the best value to the people whose future financial security TIAA-CREF champions."
"SunGard is excited about this partnership and the resulting new system," said Don Mackanos, president of SunGard Employee Benefit Systems. "This is a model relationship of multiple SunGard business units coming together to form a solution that meets the demanding needs of an industry leader. Together with SunGard, TIAA-CREF has the information expertise, experience and integration to deliver a platform its customers can count on."
The phased-in implementation of Open Plan Solutions is proceeding as scheduled with the successful conversion of TIAA-CREF’s own employees to the new recordkeeping system. TIAA-CREF will begin to convert interested institutional clients to its Open Plan Solutions later this year.