4myBenefits Enhances Online Benefits With 401k Rollover Service From Rolloversystems

Tool Helps Workers Protect Retirement Savings When Leaving Jobs

Cincinnati, OH, October 29, 2003 -- 4myBenefits Inc. announced today that it has added a unique 401k rollover solution developed by RolloverSystems Inc. to the menu of online human resource and employee benefits services that it provides to client companies.

Introduced earlier this year, RolloverSystems' rollover tool allows 401k plan participants who want to roll over their retirement savings to go online, fill out a simple form and receive multiple IRA offers from a network of competing top-tier financial institutions, and complete the rollover transaction in as little as 25 minutes.

"The addition of RolloverSystems' unique 401k rollover solutions strengthens our lineup of products and services and advances our core mission," said Justin Peter, Vice President of Marketing of Cincinnati-based 4myBenefits Inc. "Our partnership with RolloverSystems exemplifies the commitment of 4myBenefits to using technology to enhance employee benefits while at the same providing employers with solutions that streamline and reduce the cost of benefits administration."

"We are delighted that RolloverSystems has been chosen to provide 4myBenefits client companies and their employees with the fastest and most convenient 401k rollover service available," said Reginald Bowser, president and chief executive officer of RolloverSystems. "By giving their employees the ability to find and select a Rollover IRA that suits their investment needs, clients of 4myBenefits are going the extra mile to help workers reach their goal of a financially secure retirement."

An estimated 14 million American workers change jobs annually and must decide what to do with the retirement savings in their former employer's 401k plan. Many are simply taking a lump-sum distribution, or "cashing out," and losing up to 40 percent of their hard-earned savings to taxes and penalties in the process. Most financial advisors recommend rolling over the 401k savings into another tax-deferred savings vehicle such as an IRA. While the traditional rollover process can be cumbersome and time-consuming – taking up to eight weeks – RolloverSystems has simplified the process and made it possible to complete the entire transaction in as little as 25 minutes.

"Employees of companies that are 4myBenefits clients will find it extremely easy to roll over their 401k savings," Peter said. "Rolloversystems' technology not only provides them with easy access to multiple IRA offers but also the forms they need to transfer their savings from their employer's 401k plan to their new IRA."

RolloverSystems currently offers Rollover IRA products and services from four major top-tier financial institutions – Merrill Lynch, J.P. Morgan Chase & Co., TD Waterhouse, and Harrisdirect – and expects to announce additional institutions in the coming weeks.

In addition to easing the rollover process for employees, RolloverSystems' technology also will help human resources administrators by reducing the amount spent on retirement plan administration while helping them comply with the Economic Growth & Tax Relief Reconciliation Act of 2001. EGTRRA requires that employers automatically roll over distributions for certain former employees unless the plan participant chooses otherwise.

About RolloverSystems

RolloverSystems, with headquarters in Charlotte, N.C., is the leading provider of technology-based 401k rollover products and services for financial institutions, HR technology companies and corporations, including the only open exchange that matches 401k plan participants with a network of top-tier financial institutions offering Rollover IRA products and services. The company maintains a functional website at www.rollovermarket.com. For more information on RolloverSystems, please visit www.rolloversystems.com.

About 4myBenefits

4myBenefits, with headquarters in Cincinnati, Ohio, is a leading vendor of online benefits communication services for small to large employers. Founded in 1999, 4myBenefits has been the forerunner in developing a service-oriented business model that delivers affordable, high-tech HR and communications solutions specifically tailored to each client's needs. Working as a single URL for employees to locate accurate benefits plan information, link to providers, financial planners and their own retirement plan information, 4myBenefits allows the small- to medium-sized employer duplicate intranet services including a daily bulletin board, at a fraction of the cost of building it themselves. Through its 4my2ndPaycheck module, the employer's contributions toward the benefit plans are graphically depicted as a second paycheck helping employees to understand the true value of the benefit programs, including 401k matching funds and paid time-off. Other 4myBenefits alliances allow many of the Human Resource administrative functions to be outsourced, enabling professionals to concentrate on training and employee development.