401(k) Participants Will Get Quarterly Statements on the Web; American Express Retirement Services Adds Statement and Forms Features to Web Site

Apr 03, 2001, 01:00 ET from American Express Retirement Services

    MINNEAPOLIS, April 3 /PRNewswire/ -- American Express Retirement Services
 announced that it plans to enhance its transactional Web site capabilities
 with a function that allows 401(k) plan participants to view and download
 their quarterly account statements.  This new statement feature will be
 available to plan sponsors who opt to provide statements to participants on
 the Web; participants also will still receive a paper copy each quarter.  This
 feature is scheduled to launch for first quarter 2001 participant statements.
     Another new feature being implemented allows participants to access
 plan-specific forms (as determined by the plan sponsor*) that they can
 download and print if they prefer making changes or request transactions with
 a paper form.
     "Participant statements and forms on the Web are the latest in a string of
 innovations in participant services that make life easier by moving
 traditional paper-based communication tools online," said Sharon Solfest,
 director of e-commerce for American Express Retirement Services.  "We
 recognize that paper continues to be a medium some people prefer for
 statements and forms.  Yet, locating your paper statement or obtaining paper
 forms when you need them can often be inconvenient, if not impossible.  The
 Web now provides convenient and reliable access to them when, where and how
 participants want it."  Solfest envisions a near future enhancement that would
 allow the participant to choose how they would like to receive their
 statement-in print or digitally.  "It's exciting to both give people new
 choices and find new ways to reduce paper and costs."
     Both the statements and the forms request feature reside in the "My
 Retirement Account" area of the American Express Retirement and Workplace
 Services Web site.  They are attached to each individual's account as PDF
 (portable document format) files that can be viewed online or downloaded to
 the user's PC for later use or reference.  Up to four consecutive quarterly
 statements will be accessible on the system at one time.  Each plan sponsor
 determines the plan-specific forms made available to its participants.
     American Express Retirement Services, in conjunction with American Express
 Trust Company, provides services for defined contribution and 401(k) plans
 with total combined assets of $32.7 billion and a participant base of more
 than 1.2 million.  Based in Minneapolis, they provide corporations, unions and
 municipalities nationwide with a complete package of employee education,
 recordkeeping and trustee services for qualified and non-qualified retirement
 plans.  For more information on American Express Retirement Services, visit
 http://www.americanexpress.com/retirement
 
     * Plan Sponsor can choose from a set of forms available to place online
       for their plan participants, including a beneficiary form, enrollment
       form, rollover contribution form, rollover letter of instructions,
       pre-authorization form, tax notification form 402f and change of address
       form.
 
 

SOURCE American Express Retirement Services
    MINNEAPOLIS, April 3 /PRNewswire/ -- American Express Retirement Services
 announced that it plans to enhance its transactional Web site capabilities
 with a function that allows 401(k) plan participants to view and download
 their quarterly account statements.  This new statement feature will be
 available to plan sponsors who opt to provide statements to participants on
 the Web; participants also will still receive a paper copy each quarter.  This
 feature is scheduled to launch for first quarter 2001 participant statements.
     Another new feature being implemented allows participants to access
 plan-specific forms (as determined by the plan sponsor*) that they can
 download and print if they prefer making changes or request transactions with
 a paper form.
     "Participant statements and forms on the Web are the latest in a string of
 innovations in participant services that make life easier by moving
 traditional paper-based communication tools online," said Sharon Solfest,
 director of e-commerce for American Express Retirement Services.  "We
 recognize that paper continues to be a medium some people prefer for
 statements and forms.  Yet, locating your paper statement or obtaining paper
 forms when you need them can often be inconvenient, if not impossible.  The
 Web now provides convenient and reliable access to them when, where and how
 participants want it."  Solfest envisions a near future enhancement that would
 allow the participant to choose how they would like to receive their
 statement-in print or digitally.  "It's exciting to both give people new
 choices and find new ways to reduce paper and costs."
     Both the statements and the forms request feature reside in the "My
 Retirement Account" area of the American Express Retirement and Workplace
 Services Web site.  They are attached to each individual's account as PDF
 (portable document format) files that can be viewed online or downloaded to
 the user's PC for later use or reference.  Up to four consecutive quarterly
 statements will be accessible on the system at one time.  Each plan sponsor
 determines the plan-specific forms made available to its participants.
     American Express Retirement Services, in conjunction with American Express
 Trust Company, provides services for defined contribution and 401(k) plans
 with total combined assets of $32.7 billion and a participant base of more
 than 1.2 million.  Based in Minneapolis, they provide corporations, unions and
 municipalities nationwide with a complete package of employee education,
 recordkeeping and trustee services for qualified and non-qualified retirement
 plans.  For more information on American Express Retirement Services, visit
 http://www.americanexpress.com/retirement
 
     * Plan Sponsor can choose from a set of forms available to place online
       for their plan participants, including a beneficiary form, enrollment
       form, rollover contribution form, rollover letter of instructions,
       pre-authorization form, tax notification form 402f and change of address
       form.
 
 SOURCE  American Express Retirement Services