SunGard is expanding its managed services capabilities to help meet the growing need for retirement plan administrators and record keepers to reduce costs, comply with new regulations, and focus on service differentiation in the face of revenue and competitive pressures.
With more than 25 years of experience servicing the retirement industry, SunGard provides IT outsourcing and hosted solutions to administer more than 63 thousand retirement plans for more than 9.2 million recordkeeping participants, document management services more than 10,000 active plans, as well as restatement management services. With its expanded offerings, SunGard provides the following for the retirement industry through its U.S.-based technology and service fulfillment locations:
- Participant processing for contributions, disbursements and loans
- Remittance processing for contributions and loan repayments
- Compliance test offerings, including 5500 preparation and plan design comparisons
- Plan set-up and implementation
“CEB TowerGroup research finds that 49% of financial services executives expect an increase in spending on outsourcing in the next 3 years. Outsourcing’s appeal comes in the form of lower fixed operating costs, but firms also expect their providers to demonstrate high levels of competence in the financial products supported, the regulatory structure, and the effective application of technology,” notes CEB TowerGroup senior director Peter Delano.
Mike Rogalski, president of SunGard’s wealth & retirement administration business, said, “Retirement administrators are seeking outsourcing options that will help them improve efficiency of operations, reduce costs, and alleviate the pressure on internal IT departments. SunGard’s retirement managed services offer a full range of functions that support essential tasks, helping our customers focus on serving their clients.”