401k Easy - About Us

The Wall Street Journal describes 401(k) Easy as the "Quicken" of 401(k) plans for small businesses

The Wall Street Journal said the following about our self-service 401(k) software back when we introduced it in 1999:

"(It) allows small businesses to manage 401(k) plans as easily as a consumer navigates family finances with programs such as Quicken" ("Web Helps Small Firms Start 401(k)s," 12/27/99, C1).

Our 401(k) software (401(k) Enginuity at www.401kenginuity.com) developed in conjunction with Union Bank of California (UBOC) and customized 401(k) plan proved so innovative in the 401k industry that it's patented.

We hold the US Patent 6041313 for our highly regarded self-service 401(k) technology

For more than a decade before developing our revolutionary self-service 401(k) system, we operated as a valued full-service provider of 401(k), 403b and other government-sanctioned retirement plans.

Back then, as now, we specialized in plans for small and mid-sized businesses. In fact, we were providing small businesses with affordable plans rich in investment options and plan flexibility long before other 401(k) providers showed any interest in the small plan market.

Back then, as now, we found that by diverging from the "big plan" administrative setup used by most of the 401(k) industry, that rethinking the areas that were particularly inefficient, we could cut administrative overhead and save clients money.

The Wall Street Journal article describing 401(k) Easy and the joint 401(k) Easy / Union Bank press release

(Summary) In conjunction with Union Bank of California, Pension Systems Corporation developed 401(k) Easy Online, a web-based 401(k) plan administration service based upon the success of the 'run-it-yourself' pc-based 401(k) Easy.







  Reprinted from THE WALL STREET JOURNAL.  
  Web Helps Small Firms Start 401(k)s  
  YOUR MONEY MATTERS

By JEFF D. OPDYKE

Staff Reporter of THE WALL STREET JOURNAL

Tom Hendricks's employer recently adopted a 401(k)-retirement plan for him and his colleagues. Big deal, you say? Well, actually, it is. Mr. Hendricks and the 13 managers who oversee trust-fund operations for a California union have never had access to the hugely popular retirement accounts because of the expense and complexity of running them.

Now, though, cheap and efficient technology is changing those notions. Easy-to-use software and low-cost, back-office support - much of it available online - are opening retirement-savings benefits to an estimated 27 million small-business workers who don't have retirement plans. It's also allowing companies with inflexible and meager plans to upgrade to more appealing, full-blown 401 (k) s by pushing down administrative costs and challenging the idea that small-business owners can't manage the rule-bound accounts. "There's been a whole lot of mumbo jumbo used in this industry to create a Tower of Babel that running a 401(k) is tough," says Jim Gilbert, who has spent 15 years in the industry designing and overseeing retirement plans. Mr. Gilbert, president of 401(K) Pro Inc., Los Angeles, recently introduced a software program called 401(k) Easy - which allows small businesses to manage 401(k) plans as easily as a consumer navigates family finances with programs such as Quicken. "This is not brain surgery," he says.

Mr. Hendricks, who heads up the administrative office for the Southern California International Brotherhood of Electrical Workers-National Electrical Contractors Association trust fund, began looking for a 401(k) for the managers on his staff, who are not covered by the union or electrical employers. (The trust-fund office is the intermediary between workers and employers.) But plans administered by outside suppliers were so expensive - $17,000 in one instance - "that I shut the book immediately," Mr. Hendricks says. Some providers "didn't want to talk to us when they found out how small we were." Instead, he found the answer to the group's retirement needs on the Internet for less than $1,000 - in Mr. Gilbert's program. Now, his office controller, who has no background in back-office plan administration, is running the retirement program for the group, which is one of two test sites for 401(k) Easy.
 
 


Reprinted from THE WALL STREET JOURNAL
 







  FOR IMMEDIATE RELEASE  
 
James Gilbert
President, Pension Systems Corporation
(800) 660-0050
http://www.401k-network.com
CONTACT:
Sharon Woodson-Bryant, Union Bank of California
 
 
Union Bank of California, N.A., Pension Systems Corporation, Launch Web-based 401(k) Administration Service for Small Businesses

LOS ANGELES Union Bank of California (UBOC), N.A., and Pension Systems Corporation have jointly developed a web-based 401(k) plan administration service based upon their existing desktop product. The service allows clients to set up and manage low-cost, option-rich "run-it-yourself" 401(k) plans from any location connected to the Internet — be it via computer terminal, web-enabled mobile phone or PDA device; access via a toll-free automated voice response system is also available. Like the desktop product, the system is geared particularly toward serving small businesses of one to 100 employees.

"The small business market has been grossly underserved and we are pleased with Union Bank's decision to develop this unique web-based 401(k) service to deliver full featured, self-service 401(k) plans to small business and potentially save clients 60% to 80% a year relative to traditional plan administration costs," says Jim Gilbert, President of Pension Systems Corporation

The new online service called 401(k) Enginuity (www.401kenginuity.com) affords employers plan-specific, convenient access and rapid processing of data and information requests relating to all areas of 401(k) administration activity, including point-and-click plan compliance testing with results potentially in seconds. Other features include participant account access, investment education materials and enrollment seminars via web casting.

"Our company is a current user of the 401(k) Easy desktop product and have been very pleased with our 'hands-on' experience and are able to process and validate our 401(k) activity in approximately 15 minutes a month," says Clark E. Cook, Controller for CHSI of Nevada.

As with the desktop product, the online service allows the client to customize the options and services it wants for its plan. Employer matching contributions, participant loans, a broad selection of mutual fund investments from well-known mutual fund companies and other features are available. All the client's customized choices, including investments, are integrated into its online plan administration service.

"Our online service will not only retain the affordability and flexibility of our desktop product but also add the conveniences of online access to plan administration information and provide expanded plan sponsor and participant functionality," stated Donna Ross, senior vice president and manager of UBOC 401(k) administration in a joint UBOC / Pension Systems Corporation press release.
 
 


(Summary) Pension Systems Corporation created the patented run-it-yourself 401(k) Easy, heralded by The Wall Street Journal "...allows small businesses to manage 401(k) plans as easily as a consumer navigates family finances with programs such as Quicken."

 


Testimonials

Think your business is too small to afford a 401k? Your options now include setting up and managing your 401k in-house with the help of 401k Easy....and monitoring your 401k plan entirely online...

— AFFORDABLE 401k OPTIONS FOR SMALL BUSINESSES, BuyerZone.com

Inexpensive and efficient technologies, such as run-it-yourself 401k Easy plans, are changing the notion that 401k plans need be complex, expensive, or out of the reach of small businesses....

— WEB HELPS SMALL FIRMS START 401ks, THE WALL STREET JOURNAL

...We are pleased with Union Bank of California’s decision to jointly develop this unique web-based 401k for small businesses, which will potentially save clients 60% to 80% a year off traditional plan administration costs...

— added Jim Gilbert, president of Pension Systems Corporation... BuyerZone.com

Mr. Hendricks... Southern California International Brotherhood of Electrical Workers-National Electrical Contractors Association…found the answer to the group’s retirement needs on the Internet for less than $1,000 - in 401k Easy. Now, his office controller, who has no background in plan administration, is running the retirement program for the group…

— YOUR MONEY MATTERS, by JEFF D. OPDYKE, Reporter of THE WALL STREET JOURNAL

...Pension Systems Corporation, a recordkeeping systems vendor specializing in the small-plan segment, wedges open the market with a self-serve, fully automated 401k system. The program’s first client is Union Bank of California, which will soon launch a private-label version of 401k Easy for small businesses....

— VENDOR AIMS FOR SMALL BIZ MART WITH NEW SYSTEM, 401kWire.com

Union Bank of California(UBOC) and Pension Systems Corporation have jointly developed a web-based 401k plan administration service … (that) allows clients to set up and manage low-cost, option-rich "run-it-yourself" 401k plans....

UNION BANK OF CALIFORNIA Press Release

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....

— UNION BANK DRILLS DEEP: LOOKING OUT FOR THE LITTLE GUY, 401kWire.com Sept 2001

Our online service, based upon 401k Easy’s technology and patents, will not only retain affordability and flexibility, but also add the convenience of online access to plan administration -- stated Donna Ross, senior vice president of UBOC 401k Administration
...

UNION BANK OF CALIFORNIA Press Release

....401k Easy allows small businesses to manage 401k plans as easily as a consumer navigates family finances with programs such as Quicken....

— YOUR MONEY MATTERS By JEFF D. OPDYKE, Staff Reporter of THE WALL STREET JOURNAL

…401k Easy, havebeen pleased with our "hands-on" experience to process and validate our 401k activity in approximately 15 minutes a month, says Clark E. Cook, Controller for CHSI of Nevada...

— PENSION PLANS FOR EVERYONE: 401ks THAT ARE AFFORDABLE AND EASY TO RUN, BUSINESS WEEK July 2001

John Garrison, Director of Collins, Butler & Co, a 24-person accounting firm in Enid, Oklahoma, turned to 401k Easy after spending years running the company’s plan in-house with a homemade spreadsheet. "A lot of companies need something like this," Mr. Garrison says, "and see that there’s finally a good way to administer a 401k plan at a reasonable cost....

— YOUR MONEY MATTERS, by JEFF D. OPDYKE, Reporter of THE WALL STREET JOURNAL

401k Easy, have been pleased with our "hands-on" experience to process and validate our 401k activity in approximately 15 minutes a month, says Clark E. Cook, Controller for CHSI of Nevada...

— PENSION PLANS FOR EVERYONE: 401ks THAT ARE AFFORDABLE AND EASY TO RUN, BUSINESS WEEK