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Elizabeth Hodges
(704) 383-5188
Investor Contact:
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January 26, 2005
Wachovia Retirement Services Expands Services to Emerging Businesses
Charlotte, NC - Further demonstrating its commitment to the retirement business, Wachovia Retirement Services today announced that it is expanding its services to emerging businesses with 401(k) plan assets ranging from $500,000 to $3 million.
"We now offer full-service retirement plans designed for companies of all sizes," said Scott Joyner, defined contribution sales manager. "By leveraging WyStar, one of the industry's leading recordkeeping platforms, and our scalable systems, we can provide the features and benefits associated with larger plans into this offering, but at a more affordable price."
The product features: - Investment choice and flexibility
- Asset management expertise from the leading mutual fund providers
- AdviceTrackSM-managed account option
"Our managed account platform is a complete solution for employees who want assistance with their retirement plan savings and investment decision making process," said Keith Sykes, defined contribution product manager. "Offering a managed account solution to clients in these plans could benefit the participant, as this type of service has not traditionally been available for plans of this size. We believe that this will be a key market to benefit from our AdviceTrack program."
Services for the emerging businesses offering include: - Recordkeeping and administrative services
- Trust and custody services
- A full range of mutual fund investment options
- Compliance testing and reporting, including assistance with plan document preparation and Signature Ready Forms 5500
- Management reporting
- Full-service participant service centers and voice response units
- Internet sites for participants, sponsors and financial professionals
- Participant statement production and fulfillment
- Sponsor and participant communications
About Wachovia Retirement Services
With more than $68 billion in assets under administration (12/31/04), 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 has over 4,100 plans and over 1.1 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 $493.3 billion, market capitalization of $83.5 billion and stockholders' equity of $47.3 billion at December 31, 2004. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve customers primarily in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, serves clients in 49 states and five Latin American countries. Global services are offered through 33 international offices. Online banking and brokerage products and services also are available through Wachovia.com.
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