Pentegra teams up with BISYS

Another partnership has been formed in preparation for impending boomer retirement rush. Pentegra Retirement Services and BISYS Retirement Services today announced a strategic alliance in which Pentegra would begin offering the BISYS LinkInsight product as a channel offering for the FAs and TPAs it serves. BISYS provides recordkeeping services for approximately 27,000 defined contribution plans with close to 1.7 million participants. Its LinkInsight solution provides for plan installation and conversion support, daily valuation and recordkeeping, as well as Web-enabled access to information, and a suite of sponsor-and participant-directed services, communications, education and support. Pentegra oversees the retirement programs of more than 600 community banks, credit unions and other small businesses representing over $4.3 billion dollars in assets under administration. In May the BISYS Group completed a settlement with the SEC for $21.1 million over recordkeeping and reporting irregularities the agency noted in the company's 2004 and 2005 restatements. Though the BISYS Group did not admit or deny any wrongdoing, it agreed in the settlement to refrain from future violations of the reporting, books and records and internal control provisions of the federal securities laws and related SEC rules.