Final Roth 401(k) Regulations, Amendment Language Not Expected Until 2006

December 12, 2005 –A representative of the industry group American Society of Pension Professionals and Actuaries (ASPPA) has informed BISYS® Retirement Services that it is possible that the long-awaited designated Roth (Roth 401(k)) contribution final regulations may not be issued by December 31, 2005, as earlier hoped. (The designated Roth contribution option becomes available January 1, 2006.) The source also indicated that promised sample amendment language is even less likely to be available by that date.

As an active corporate member of ASPPA, BISYS representatives are members of several key ASPPA committees that meet and confer regularly with the IRS on regulatory issues and policy.  All indications up to this time have been that final designated Roth contribution regulations would be issued by December 31.