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Products March 9, 2011
Wells Fargo Completes Retirement System Conversion
Wells Fargo’s Institutional Retirement and Trust business has
successfully completed all phases of its retirement systems conversion.
Reported by Rebecca Moore
The final phase of conversion occurred in late February, resulting in the transition of 1,031 employer-sponsored retirement plans with 2.9 million eligible employee participants (819,000 with active balances) and $35 billion in retirement assets to the WySTAR recordkeeping platform. WySTAR is Wells Fargo’s proprietary, 401(k) recordkeeping system.
The announcement said Wells Fargo’s institutional retirement business had strong sales growth in the defined contribution market in 2010, adding more than $5.6 billion in retirement plan assets and 287 new, employer-sponsored retirement plans to the firm’s book of business. A total of 387,000 employees at companies across the country became participants in a Wells Fargo-administered 401(k) plan in 2010, a year that marked the strongest sales results in 20 years for the institutional retirement business.
The Wells Fargo institutional retirement business currently services 7,440 retirement plans for companies and reached 3.5 million employees participating in employer-sponsored retirement plans with its retirement education programs in 2010.