Press Releases

“These enhancements are part of our strong, ongoing commitment to the institutional retirement plan business,” said Joe Ready, director of Wachovia Retirement Services. “We meet with our clients regularly to understand how we can advance our capabilities to help them address challenges in managing their company retirement plan. These latest enhancements streamline our clients’ administrative process while offering convenient ways for participants to maintain an appropriate asset allocation until retirement.”

Enhancements include:

• Standard and Custom Reporting:  Enables plan sponsors to initiate approximately 25 standard reports as well as the ability to create customized reports via the plan sponsor Web site.
• Age-Based Investing:  Offers the ability to set default funds based on a participant’s age. As participants in the program age, they will automatically be moved through the age-based funds.
• Participant Level Auto Rebalance:  Provides the capability for participants to choose an option via the Internet or VRU to automatically rebalance their accounts according to their current investment elections on a periodic basis.

According to the Wachovia Retirement Fitness Survey released earlier this year, nearly 80 percent of consumers say they could do a better job planning and saving for retirement. About 50% are emotionally distressed about retirement, expressing uncertainty, worry or fear of making a mistake.

“Our goal is to provide sponsors with plans that make it easy and convenient for participants to save for retirement,” said Keith Sykes, defined contribution product manager. “The Wystar enhancements complement and build upon Wachovia’s existing suite of retirement services solutions. We continue to be extremely pleased with the flexibility and scale of our system, allowing us to enhance our defined contribution offering at no additional cost to plan sponsors and participants.”

About Wachovia Retirement Services

With $67.9 billion in assets under administration as of June 30, 2005, Wachovia Retirement Services, a business unit of Wachovia Bank, N.A., offers a wide array of retirement products. Wachovia is committed to providing fully bundled defined contribution, defined benefit and non-qualified retirement plans that exceed customer expectations. Headquartered in Charlotte, N.C., Wachovia Retirement Services administers plans for 1.3 million participants and pensioners. For more complete information about Wachovia Retirement Services please visit http://www.wachovia.com/401k or call 800-917-9343.

Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers, with retail operations from Connecticut to Florida and west to Texas, and retail brokerage operations nationwide. Wachovia had assets of $511.8 billion, market capitalization of $78.2 billion and stockholders’ equity of $47.9 billion at June 30, 2005. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 13 million household and business relationships primarily through 3,126 offices in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, also serves clients through 699 offices in 49 states and five Latin American countries. Our Corporate and Investment Bank serves clients primarily in 10 key industry sectors nationwide. Global services are offered through 33 international offices. Online banking and brokerage products and services also are available through Wachovia.com.