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Metavante Sells 401k Third-Party Administration Business

Tuesday 11 January 2005 02:04 CET | News

Metavante Corporation has announced that effective today it has sold its small business 401k Retirement Plan Services operations to two companies effective January 1, 2005.

The 401k Retirement Plan Services business had been focused on administering retirement plans for small businesses of less than 300 employees. M&I Trust Company will continue to focus on large retirement plans and is unaffected by this transaction. The two acquiring companies are EMJAY Corporation, a wholly owned subsidiary of Great-West Life & Annuity Insurance Company, of Greenwood Village, Colo., and The Retirement Advantage, Inc., a Port Washington, Wis.-based company. Metavante will provide supporting technology services to the two companies for a transitional period of 12 to 24 months.


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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce