NEWS RELEASE
Feb. 12, 2009
ABA Media Contact: John Hall
(202) 663-5473
E-mail: jhall@aba.com

Pentegra, Gwen Burroughs

(914) 821-9430

E-mail: gburroughs@pentegra.com

ABA ENDORSES PENTEGRA RETIREMENT SERVICES

WASHINGTON – The American Bankers Association announced today that it has endorsed the retirement programs and services of Pentegra Retirement Services.
 

Pentegra's retirement products were chosen after a thorough review and analysis by ABA and its affiliate, the Corporation for American Banking, based on a wide range of factors including Pentegra's ability to meet the needs of ABA members with a full array of retirement product offerings, industry expertise and bank-focused solutions.

These ABA-endorsed services are designed to help banks improve retirement plan effectiveness with unique retirement plan solutions designed exclusively for banks.  Pentegra offers the added advantage of more than 65 years of community bank retirement plan "best practices" and a user board of directors comprised of community bankers.  

Pentegra's retirement programs—which include 401(k) plans, defined benefit pension plans, ESOPs, KSOPs and profit sharing programs—offer distinct advantages for banks, including Pentegra's unique fiduciary role, which relieves banks and their boards of certain fiduciary responsibilities associated with sponsoring a retirement plan.

As a bank retirement plan specialist, Pentegra also provides banks the ability to offer company stock as an investment option as well as private label retirement programs for bank commercial customers.  Pentegra currently provides the endorsed retirement plan products and services to more than 700 financial institution clients sponsoring over 1,000 retirement plans nationwide. 

"We're pleased to offer ABA members these high quality retirement plan solutions from Pentegra, a trusted provider with a heritage built serving the banking industry," said John C. Wolff, president of the Corporation for American Banking.  "The ABA endorsement signifies our confidence in Pentegra's ability to provide quality retirement programs designed to help banks attract and retain talented employees.

"Pentegra is honored to be designated the exclusive endorsed provider of retirement programs and services for the ABA and its members," said Bob Albanese, Pentegra's president and CEO. "The ABA's endorsement reinforces our continued commitment to providing quality retirement programs to the banking industry that help banks build a competitive advantage.  We look forward to working with ABA in providing retirement programs for their members and upholding the values of the ABA's seal of approval."

The endorsed programs include:

• 401(k), Profit Sharing Services, KSOP and ESOP Services: Full service defined contribution plan services including custom plan design, plan consulting, plan document services, administration and recordkeeping services, legal and compliance services, government filings and tax reporting investment management and trustee services, employer stock services, unique fiduciary services, plan education and communication services, including 24/7 account access.
• Defined Benefit Pension Plan Services: Full service pension plan services including custom plan design, plan consulting, plan document services, administration and recordkeeping services, actuarial services, legal and compliance services, investment management and trustee services, unique fiduciary services, plan education and communication services.
• Private Label 401(k) Programs: a full service, fully branded private label 401(k) program for banks to offer their commercial customers with a highly customized platform that includes a broad array of services, the ability to support a wide range of plan types, a flexible investment platform and complete control over branding and distribution.

About ABA

The American Bankers Association brings together banks of all sizes and charters into one association. ABA works to enhance the competitiveness of the nation's banking industry and strengthen America's economy and communities. Its members – the majority of which are banks with less than $125 million in assets – represent over 95 percent of the industry's $13.6 trillion in assets and employ over 2 million men and women. ABA can be found on the Internet at www.aba.com. 

About Pentegra Retirement Services

Pentegra Retirement Services, an independent cooperative, is a leading provider of retirement products and services to financial institutions nationwide. Founded by the Federal Home Loan Bank System in 1943, Pentegra offers a full range of retirement programs, including 401(k) plans, defined benefit pension plans, ESOPs, KSOPs, profit sharing plans, and full-service private label retirement programs. Pentegra is endorsed by the ABA along with fourteen state banking organizations nationwide.

For more information, go to www.pentegra.com

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