[topic 2:More Detailed Press Release]

November 20, 2000

Software-based "Run-It-Yourself" 401ks for Small Businesses Cost 10 Minutes a Month and Less Than $500 a Year

Contact:
James Gilbert, President, Pension Systems Corporation
jgilbert@401keasy.com
310.441.4961
www.401keasy.com

FOR IMMEDIATE RELEASE

LOS ANGELESPension Systems Corporation president Jim Gilbert says, "401k administration isn't brain surgery, so why are small businesses being charged as if it is? With 401k Easy, small businesses take the same information they're already collecting for their third party administrator, but instead of forwarding it to the TPA and then sitting around waiting - and paying for - results, they just plug the information into the 401k Easy software. It does all the processing. 401k loans, hardship withdrawals, rollovers into and out of the plan .... They're all a snap. The employer is told how much money to forward to the investment company(ies), and instruction sheets regarding the deposits are instantaneously prepared for the investment company(ies) for inclusion with the money transfer. Plan contributions go DIRECTLY to the mutual funds and/or discount brokerage companies housing the plan's assets, with 401k Easy documenting every transaction...

morepdf back to page topics

[topic 3:About the Company Related Reading]

from 401kWire.com March 31, 2003

Vendor Aims for Small Biz Mart with New System

"401k Pro, a recordkeeping systems vendor specializing in the small-plan segment, aims to wedge open the relatively under-penetrated small-business market with a self-serve, fully automated 401(k) System for DC Providers.....The program's first client is Union Bank of California, which will soon launch a private-label custom version of the system for small businesses...."

moreback to page topics

from 401kWire.com, Sept. 2001

Union Bank Drills Deep: Looking Out For The Little Guy

Union Bank of California has joined forces with Pension Systems Corporation to develop an affordable, full-featured, web-based "run-it-yourself" 401k administration system for businesses small and large....

moreback to page topics

from BuyerZone.com, Aug, 2000

Affordable 401k Options For Small Businesses

Think your business is too small to afford a 401k plan for your employees? Think again. As a small business, your options now include setting up and managing your 401k plan in-house with the help of software like 401k Easy, or using an Internet-only plan like Fidelity Investments' e401k to set up and monitor your 401k plan entirely online...

moreback to page topics

[topic 4:About the Small Plan Market Related Reading]

from Bankrate.com, Oct ,2001

New Plans, Software Cut the Cost and Complexity of 401k Plans

Article focuses on the new Internet-based 401k plans developed for the small market, the costs and plan features, and what is being done to provide 80% of the small businesses that do not have 401k plans...

moreback to page topics

from Business Week Online, July 16, 2001

Pension Plans for Everyone: New 401ks That Are Affordable and Easy to Run

Focus of article is the emerging web-based 401k programs for small businesses, and a comparison of features and prices, and the growing rift between the "new" 401k plan providers and the old line plan providers...

moreback to page topics

from Fortune Magazine, April 2001

Flying on the Web in a Turbulent Economy

Fidelity Investments... last year began offering Web-based 401k administration for small companies. What's in it for Fidelity? While the program was expensive to set-up, it isn't profitable...

moreback to page topics

from Institutional Investor online, April '01

"Metlife Exits TPA RecordKeeping Role"

Metropolitan Life Insurance has notified its plan sponsor clients that it will no longer be providing third-party recordkeeping administration...

moreback to page topics

from The New York Times, Feb '01

Hancock Leaves a Business to Take Charge

Life Insurer John Hancock Financial Services (JHN.N) is a recent example of a large financial institution that targeted the small plan 401k market by setting-up an in-house, 220 employee 401k record-keeping division, only to close it down a few years later, taking a significant loss in the process...

moreback to page topics

Matt Ackermann, American Banker.com, Nov '00

Helping Banks Meet 401k Service Demand

Technology-driven value-added services such as portfolio management, education, and loan access are considered what will enable banks and other institutions to grow in the retirement plan market...

moreback to page topics

from The Wall Street Journal, Dec '99

Web Helps Small Firms Start 401ks

Inexpensive and efficient technologies, such as software-based in-house run-it-yourself 401k Easy plans (Advisors 401k's sister system), are changing the notions that 401k plans need be complex, expensive, or in any way out of reach of small businesses...

moreback to page topics

Worth, Dec/Jan '99

Squeezed Out

Big 401k Shops are Firing Small Clients, Which Now Must Choose Between a More Costly Plan and None at All...

moreback to page topics

Wall Street Journal, Oct '98

Retirement Talk in 401k Industry

A Lull Prompts Some Retreats...

moreback to page topics

[topic 5:About Pension Fraud and Malfeasance]

Associated Press via Excite News, 4/11/2001

Florida Investment Broker Sentenced

An investment broker has been sentenced to 6 1/2 years in federal prison for defrauding a police pension fund.

moreback to page topics

U.S. DOL, April 2001

DOL Obtains Consent Order That Requires Profit-Sharing Plan Fiduciaries To Pay $101,618.

The Department of Labor has obtained a consent order that requires the fiduciaries of Distribution Specialists, Inc., to pay $101,618 in restitution and civil penalties to plan participants.

moreback to page topics

U.S. DOL, March 2001

Colorado Plan Trustees Ordered to Repay Participants and Disband 401k Plan.

Two Colorado officials agreed to restore $17,125 to the 401k pension plan of the now defunct JRMK Companies, Inc. of Denver.

moreback to page topics

U.S. DOL, February 2001

Business and Company Placed on Probation, Fined for Embezzling 401k Funds.

Funds which were to be rolled over from the predecessor's plan to a new plan were instead deposited in the company's operating account and subsequently used by affiliated companies and and for the employer's personal benefit...

moreback to page topics

NY Times, 10/1/20001

A Case Sounds a Warning About Pension Safety

Workers who think that their pensions are secure because the government guarantees them, and that their 401k money is safe once it goes to an investment house, may want to follow closely a case in Portland, Ore., that has cost 100,000 people some major chunks of their retirement income...

moreback to page topics

Individual Investor Magazine, 7/20/2000

Your Portfolio: Is Your Boss Raiding the 401k Till?

Vigilance is particularly necessary when companies undergo major shake-ups--such as a merger, an acquisition, or a restructuring. Plan participants should always pay attention to how quickly colleagues are able to withdraw or roll over their money...

moreback to page topics

U.S. DOL, Jun '99

Labor Department Obtains Order Freezing Assets of Third-Party Administrators

U.S. Dept of Labor gets preliminary injunction of Houston, TX third-party administrator and parent company...

moreback to page topics

U.S. DOL, May '99

Labor Department Seeks to Recoup Plan Losses from Former Company Pres 

U.S. Dept of Labor goes after former Louis Allis Co. president in effort to recoup monies owed participants of company plans...

moreback to page topics

U.S. DOL, Apr '99

Labor Department Sues Ohio Exec Over Misuse of 401k Contributions

U.S. Dept of Labor sues for failure to deposit contributions into plan's investment accounts...

moreback to page topics

U.S. DOL, Jan '99

Former Fresno Pension Administrator Pleads Guilty to Embezzlement

U.S. Dept of Labor says unpaid employee welfare benefit medical plan claims could total $5 million...

moreback to page topics

The Arizona Republic, Jun '98

Pension Fund Administrator Sentenced in Fraud Scheme 

An investment broker has been sentenced to 6 1/2 years in federal prison for defrauding a police pension fund.

moreback to page topics

American Banker, Jun '96

SEC Reins In Administrator of Self-Directed IRAs

SEC lowers the boom on pension plan administrator operating as unregistered broker/dealer...

moreback to page topics

Los Angeles Times, Jun '96

Pension Firm Ordered to Cease Holding Cash 

Administrator of IRAs of Irvine lacks a license to be a custodian of customers' assets, SEC says...

moreback to page topics

Accountant, Jan '96

U.S. to Crack Down on Pensions Fraud

Proposed Congressional legislation spawned by Labor Department findings of an increase in pension fraud...

moreback to page topics

Los Angeles Times, Nov '95

Firms Under Suspicion of 401k Abuse

Government says some are improperly diverting employee contributions...

moreback to page topics

Los Angeles Times, Nov '95

Executive Accused of Looting Pension Plan

Federal grand jury indicts businessman, charging he used pension assets for personal and business expenses...

moreback to page topics

Lit, Rel. Nos. 14642 and 14680; D.D.C. Sep 13, 1995

SEC v. Qualified Pensions, Inc.

QPI allegedly permitted investors to purchase illiquid, unregistered securities; also, QPI allegedly misappropriated at least $4.5 million in retirement savings...

moreback to page topics

Los Angeles Times, Mar '95

4-Year Sentence Given for Investment Fraud

Former president of First Pension in Irvine is also told to repay $74 million to investors, some of whom call term too short...

moreback to page topics

Los Angeles Times, Aug '94

Lawsuit Filed Against Educators' Fund 

Investors' civil action alleges that up to $100 million has been lost...

moreback to page topics

Los Angeles Times, Aug '94

3 First Pension Principals Plead Guilty to Fraud

Express "incredible remorse" at cheating investors out of $121.5 million in retirement funds...

moreback to page topics

Lit, Rel. Nos. 14090, 14104 and 14343; C.D. Cal., May '94

SEC v. Cooper, VestCorp Securities, Inc., et al

Certain defendants allegedly misappropriated $25 million of pension funds, wrote unauthorized checks, failed to disclose that trust deeds securing the limited partnership did not exist, and more...

moreback to page topics

Los Angeles Times, Jan '94

Troubled Firms Seen Misusing Pension Funds

U.S. Dept. of Labor cites growing problem involving small, ailing companies misusing workers' 401k contributions...

moreback to page topics

Los Angeles Times, Jun '90

Plan to Regulate Pension Funds Isn't Adequate

Labor Secretary's proposed legislation incomplete...

moreback to page topics

Los Angeles Times, Nov '89

Lax Pension Plan Audits Criticized

Congressional report will warn that many funds are never examined. Some accountants are allowed to skip scrutiny of key areas...

moreback to page topics

Los Angeles Times, Oct '89

Pension Plans Looted as Safeguards Weaken

Despite warnings, about $4 billion in retirement income may have been taken by racketeers...

moreback to page topics

[topic 6:Related Reading About Plan Costs]

New York Times, Jul '01

When Hidden Fees Erode 401k's

Administrative fees once borne almost universally by employers are chipping away at the returns of many investors in 401k retirement plans...

moreback to page topics

USA Today, July 1999

New 401k Form Simplifies Price Comparisons

Labor Dept and three Industry groups unveil 401k disclosure form to help businesses compare costs of competing plans.

moreback to page topics

Wall Street Journal, Nov '98

'Poodle-Parlor' Retirement Plans

Workers at small businesses, lacking 401k plans before, could find it easier to join now.

moreback to page topics

Nation's Business, Sep '98

Your 401k Plan May Cost You Too Much

Tremendous variation in plan costs reflects that there are many types of 401k vendors. Choose your vendor(s) carefully...

moreback to page topics

New York Times, Aug '98

Investing It: A U.S. Warning, of Sorts, About Fees and 401ks

U.S. Dept. of Labor releases booklet "A Look at 401k Plan Fees" to help companies and participants sort through range of fees levied on 401k plans...

moreback to page topics

US Newswire, Nov '97

Labor Secretary Herman Calls for Hearings on 401k Fees

Department's Pension Welfare and Benefits Administration to conduct public hearings to find out whether fees charged for 401k administration are appropriate...

moreback to page topics

Institutional Investor, Mar '96

The Coming Fracas Over Fees: 401k Pension Plan Vendors Raise Fees 

Competition has resulted in higher, not lower fees, the cost of which is being passed on to participants...

moreback to page topics

Home | Contact Us | To Order | Compare 401k Easy Online with 401(k) Easy for the PC

Key Reasons to Choose 401(k) Easy | Pricing | 401k Investment Flexibility | Free 401k Software | Free 401k Options | Free Tech Support | Free IRS Reporting Help | $-Back Guarantee

Features and Benefits of 401(k) Easy | Q & A | ERISA 404c Compliance | Converting Existing Plans | Full-Service Plans | Product Tour | Standard Pre-Tax 401(k) Vs. Roth 401(k)

401k Basics | 401k Glossary | 401k Links | one-person 401k

About Us | Press Room | Business Alliance Programs | Jobs

Site Map | 401k Self-Directed Brokerage Account Listings | 401k No Load Mutual Fund Families Listings

© 2008 Pension Systems Corporation. All rights reserved. Legal notices.