SunGard, Putnam Set IBM Tech Hookup
By Caroline McDonald
NU Online News Service, Aug. 28, 2:51 p.m. EST?SunGard Employee Benefit Systems in Birmingham, Ala., announced yesterday it will link SunGard's OmniPlus 401(k) recordkeeping system to IBM's Universal Database, offering high-volume processing capability and connectivity.
The development is a joint project between Wayne, Pa.-based SunGard and Putnam Investments, based in Boston, Mass., and is planned to be completed in 2003, according to SunGard, the parent of the Alabama firm.
David Kennedy, president of SunGard Employee Benefit Systems, said in a statement that, "As part of its upgrade from OmniPlan to OmniPlus, Putnam wanted to leverage the openness of a relational database to complement their internal integration strategy. We believe OmniPlus will be the only 401(k) recordkeeping solution running on IBM's Universal Database."
According to SunGard, the port link to IBM's UDB will offer its customers?who deal with retirement plans and planned sponsors?a combination of power, access and control of information, which will help improve client services.
SunGard told National Underwriter that the OmniPlus 401 (k) recordkeeping system:
? Supports daily or periodic processing.
? Supports both fixed and variable annuities.
? Offers accounting for company stock; supports tax calculations at state, federal and local levels.
? Contains a comprehensive report writer for letters, statements and management reports.
? Offers detailed accounting at the plan, system and participant level via transaction history processing.
? Supports multi currency.
It will also offer a single system and database that are portable across platforms. The new system will operate on Unix, NT and Mainframe, SunGard said.
"Like all of our technological enhancements, the Putnam-SunGard collaboration demonstrates Putnam's commitment to the full-service defined contribution business by providing systems that offer the best service to our clients," said David M. Colelli, managing director, Information Systems Division, Putnam Investments.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.