Sunsuper Selects SunGard Employee Benefit Systems Asia-Pacific as Preferred Technology Partner.Business Editors BIRMINGHAM, Ala.--(BUSINESS WIRE)--Dec. 7, 2000 SunGard Employee Benefit Systems (EBS See Swiss Electronic Bourse. EBS See electronic blue sheet (EBS). ), an operating group of SunGard (NYSE NYSE See: New York Stock Exchange :SDS 1. (company) SDS - Scientific Data Systems. 2. (tool) SDS - Schema Definition Set. ), announced that it has been selected as the preferred technology partner by Sunsuper, one of Australia's largest and fastest growing private-sector superannuation funds. SunGard EBS Asia Pacific, an operating unit operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon within the SunGard EBS Group, will provide plan administration systems and services for more than 500,000 members of the Sunsuper industry funds. Under the terms of the partnership, SunGard EBS-Asia will open an office in Brisbane, Australia and modify the OmniPlus participant recordkeeping system for the Australian market. The Australian version of the system will be marketed under the name OmniSuper. "OmniPlus is well suited for the Superannuation fund market and the member choice legislation recently enacted," said David Kennedy
David Anthony Kennedy (June 15, 1955 – April 25, 1984) was born in Washington, D.C. He was the fourth of eleven children of Robert F. , president of SunGard EBS. "Our goal is to become a leader in the retirement systems and services market in Australia. As an indication of our commitment to this market, several SunGard employees from Birmingham have relocated to Australia for a minimum of two years to ensure the success of the conversions and implementation," added Mr. Kennedy. "We believe there is a good corporate fit between SunGard and Sunsuper and that we share similar values and visions for the future," said chief executive officer of Sunsuper, Don Luke. "Our members and employers are looking to us to provide them with more information and more options to help them make the most of their investments. The SunGard system has the flexibility we need to provide both our members and employers with the best possible products and services." Superannuation Superannuation An organizational pension program created by companies for the benefit of their employees. Notes: Funds deposited in a superannuation account will typically grow without any tax implications until retirement or withdrawal. is a specially designed, long-term investment for retirement savings. A superannuation provider pools small amounts saved regularly by its members into a large fund of money. This money is then put into a broad range of investments including shares, property, government bonds and cash deposits. A superannuation provider generally accepts contributions from members and spouses or their employers, invests money on behalf of members or pays benefits on the retirement, resignation or death of the member. In Australia, superannuation assets exceed $250 billion with more than 195,000 funds covering 21.8 million participants. These range from small funds with less than five participants to large industry funds with in excess of one million participants. Most super funds are run by a board of trustees board of trustees Politics The posse of thugs who oversee an institution's administration. See Board of directors. , which has legal responsibility for managing the money. In many cases, specialist investment managers are hired. "As a result of Australia's movement toward member choice investment plans, the OmniPlus system provided the ideal solution for our future growth in the Australian recordkeeping market," said President of SunGard EBS Asia-Pacific, Gary Cox. "The Sunsuper conversion will double the size of our business and increase our superannuation member population to more than one million," added Mr. Cox. About OmniPlus OmniPlus is a comprehensive employee benefit system designed to provide record keeping for defined contribution plans Defined contribution plan A pension plan whose sponsor is responsible only for making specified contributions into the plan on behalf of qualifying participants. Related: Defined benefit plan . The multi-tiered, scalable architecture allows for high volume processing of nearly any type of contributory pension plan contributory pension plan A pension plan in which the participating employees are required to support the plan with contributions. Compare noncontributory pension plan. around the world. More than 20 ancillary products offer added value Added value in financial analysis of shares is to be distinguished from value added. Used as a measure of shareholder value, calculated using the formula:
About Sunsuper For more than 10 years, Sunsuper has been among the most popular and fastest growing superannuation funds in Australia. Sunsuper is Queensland's leading private sector superannuation fund, with more than $1.2 billion invested on behalf of over 500,000 members. About SunGard EBS Asia-Pacific SunGard EBS Asia-Pacific, a division of SunGard EBS, is a provider of administrative systems and services for the superannuation fund market in Australia. It is headquartered in Sydney, Australia and services several large superannuation funds. About SunGard SunGard Employee Benefit Systems is an operating group of SunGard (NYSE:SDS), a global leader in integrated IT solutions and eProcessing for financial services. SunGard is also the pioneer and a leading provider of high-availability infrastructure for business continuity. With annual revenues in excess of $1 billion, SunGard serves more than 10,000 clients in more than 50 countries, including 47 of the world's 50 largest financial services institutions. Visit SunGard at www.sungard.com. Trademark information: SunGard, the SunGard logo and OmniPlus are registered trademarks of SunGard Data Systems Inc. or its subsidiaries in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders. |
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