First Data Corporation has retained American Express Retirement Services, a division of American Express Financial Advisors Inc., and American Express Trust Company, to provide investment funds, daily recordkeeping, trust services and employee education for its $600 million Incentive Savings Plan, effective November 1, 1998.
“We’re very excited about our relationship with First Data,” said Ward Armstrong, president of American Express Retirement Services. “With First Data as a fellow member of the financial services industry, our plan recordkeeping, our products and our services are an excellent fit with First Data, and we look forward to the working synergy that this relationship will produce.”
! American Express Retirement Services will provide services for First Data’s qualified and non-qualified plans. More than 22,000 employees — or over 60 percent of its total workforce — currently participate in the plans.
The Incentive Savings Plan will offer investment options provided through American Express Financial Advisors Inc., American Express Trust Company and the SmartPartners alliance, comprising a three-tier menu of plan options with a total offering of 15 investment funds.
First Data Corporation is among the world’s leading providers of payment systems, electronic commerce and information management products and services. First Data and its principal operating units process the information that allows millions of consumers to pay for goods and services by credit, debit or stored-value card at the point of sale or over the Internet, by check or wire money. First Data Corporation has 36,000 employees worldwide.
In conjunction with American Express Trust Company, American Express Retirement Services provides services for combined defined contribution and 401(k) assets of $35 billion and a participant base of nearly 800,000. The division, based in Minneapolis, provides corporations and municipalities with a complete package of employee education, recordkeeping and trustee services for qualified retirement plans. Additionally, American Express Retirement Services sits on the policy board of the American Savings and Education Council (ASEC) and holds one of three American Express positions on the current White House Task Force on Savings.
American Express Retirement Services makes investments available through American Express Financial Advisors Inc. American Express Retirement Services is a division of American Express Financial Advisors Inc., a subsidiary of American Express Financial Corporation, an American Express Company.
For further information about assessing one’s retirement plan, consult “The 401(k) Site” online at: