SunGard Employee Benefit Systems is to port its OmniPlus 401(k) recordkeeping system to IBM’s universal database (UDB) in a joint project with Putnam Investments.
The new system will operate on Unix, NT and mainframe and will offer a single system and database that are portable across platforms.
David Kennedy, president of SunGard Employee Benefit Systems says: "As part of its upgrade from OmniPlan to OmniPlus, Putnam wanted to leverage the openness of a relational database to complement their internal integration strategy." He adds: "We believe OmniPlus will be the only 401(k) recordkeeping solution running on a IBM's universal database."
The joint project is due to be completed in 2003.