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View More Press Releases by Newkirk

Press release:

Newkirk Announces Significant Cost-Saving Enhancements To Its 401(k) Statement Product

Issued by: Newkirk

Date: Oct. 30, 2001

ALBANY, NY, October 30, 2001 - Newkirk today announced two significant enhancements to its 401(k) statement product: the Newkirk eStatement and the Statement Warehouse.

The eStatement is a means of delivering the provider’s SuperStatement to plan participants through the Internet. Newkirk’s system consists of four customizable Internet sites which:
· Promote the advantages of electronic delivery and secure participant opt-in
· Permit participants to view their statements and to maintain their usernames and passwords
· Give employer-sponsors access to all participant statements, as well as plan summary reports
· Allow providers to manage the first three sites and to respond to customer service inquiries

The Statement Warehouse is a means of storing and accessing current and archived statements for all plan participants. Statements are prepared and stored for participants who have received paper statements as well as participants who receive electronic statements. Access to the Warehouse can be made available to sponsor-employers, as well as to customer service and other representatives of the provider.

The two enhancements and their respective components are modular and are available either collectively or independently.

Newkirk expects that plan providers utilizing the new services may be able to significantly reduce the costs of providing participant statements, while at the same time enhancing customer service.

According to Peter Newkirk, Newkirk’s president, demonstrations of the new products have been very well received. “One idea receiving particular attention,” said Newkirk, “is to make the eStatement the standard method of delivery for all plan participants, with a paper statement being produced only once a year. Another idea is to give the employer the responsibility for printing statements locally. Both options are available now and present providers with the opportunity for substantial cost savings.”

More than sixty 401(k) providers currently distribute the Newkirk SuperStatement to their plan participants.

About Newkirk

Newkirk is a marketing communications firm specializing in printed and Internet communications for financial service providers. Newkirk provides 401(k) and retirement planning communication programs to this nation’s banks, insurance companies, mutual fund companies, and TPAs. In addition, Newkirk provides tax and financial planning communications to thousands of CPAs and financial planners. For more information, visit our web site at www.newkirk.com.

For more information: http://www.newkirk.com

View More Press Releases by Newkirk

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