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 CHARLOTTE, N.C., Aug. 25 /PRNewswire/ -- Customers who want to borrow from their 401(k) plans at First Union (NYSE: FTU FTUpr) can now call any time of day or night to find out how much they can borrow and what their monthly payments would be.
 They can also use First Union's unique 24-Hour toll-free service to determine what their future balance would be when they retired, if they continued contributing to the plan at the current level and left the current balance in the plan.
 These unique new options are available this month, as First Union expands its 24-hour service for Daily Retirement Services customers to give them easy access to account information. Employees of companies who use First Union to manage their 401(k) plans were already able to call during normal business hours to check their account balances or transfer dollars from one fund to another.
 For the last five months, First Union has piloted the new 24-hour service with a group of customers, giving them access to the loan-modeling and account-balance-projection features. Now these services are available to all of First Union's 401(k) Daily Retirement Services customers, 24 hours a day, seven days a week.
 "Customers who have used our new voice response unit love it because it allows them to get the information they need on the spot to help make financial decisions, without having to wait for normal business hours," said Linda Kerschner, vice president and product manager for First Union's 401(k) Daily Retirement Services Department. "More people are h?at they are responsible for their own retirement planning, and this helps them make more informed decisions."
 First Union's Capital Management Group introduced its Daily Valuation Product in 1990, after 30 years of experience with traditional corporate retirement plans. Assets in First Union's Daily Retirement Services Department grew 500 percent in 1992 over the prior year.
 Without daily valuation, employee participants are unable to get up-to-date information about their account Balances, and account activity is reported only on a quarterly basis. By industry standards, it could take from six weeks to almost three months to complete investment transfers for 401(k) accounts that are not valued daily.
 First Union's Capital Management Group is the trust and investment arm of the corporation, with $21.6 billion in assets under management as of June 30, 1993. The group offers investment management and administrative services to corporations for various pension, profit sharing and 401(k) plans, as well as to individual trust accounts, endowments and foundations across the Southeast.
 The Capital Management Group's investment performance ranked in the top 7 percent of the nation's money managers for the 10-year period ended June 30, 1993, according to a national study of 912 investment funds managed by banks, insurance companies and mutual funds.
 At June 30, 1993, First Union Corporation had assets of $72.0 billion and operated 1,434 banking offices in North Carolina, South Carolina, Georgia, Virginia, Tennessee, Maryland and Washington, D.C., and 232 nonbanking offices in 36 states.
 -0- 8/25/93
 /CONTACT: (Media) Sandy Deem of First Union Corporation, 704-374-2710/

CO: First Union Corporation ST: North Carolina IN: FIN SU: PDT

MM -- CH003 -- 5750 08/25/93 10:02 EDT
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Publication:PR Newswire
Date:Aug 25, 1993

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