Leveraging technology & personalized communication to create powerful response

CUNA Mutual Selects Synapses for Comprehensive 401(k) Analysis



CHARLOTTE, N.C. – February 19, 2009 – Synapses Inc., a leading provider of personalized 401(k) education, products and services, today announced Madison, Wisconsin-based CUNA Mutual Group, the leading provider of financial products and services to credit unions and their members worldwide, selected Synapses’ Sponsor Profile service and targeted communication tools to fully evaluate 3,000 of its defined contribution plan customers at the participant, sponsor and book-of-business level.

Synapses is a value-added service provider

Through the use of Synapses technology and consulting services, CUNA Mutual augments its own in-house analysis. The combination creates a large database of plan statistics. The resulting status reports suggest steps plan sponsors and CUNA Mutual can undertake to begin, reinforce or reach retirement income goals for all eligible employees.

Serving as a full Retirement Income Readiness Analysis, Synapses’ unique Sponsor Profile offers organizations powerful top-down views of:

• Percentage of eligible employees on target for income replacement at retirement
• Percentage of participants fully utilizing plan design features such as company match, auto-escalation, target date maturity funds, and managed account products
• Participant action items needed to meet income replacement goals
• Segmentation of participant audiences into those having investment mixes that are well managed, too aggressive and too conservative
• Quantifying retirement income at risk and retirement income foregone resulting from participants’’ current investment elections compared to managed account or target date maturity funds

Participant outcomes remain a focus

In addition, CUNA Mutual intends to use the sponsor-level analysis to identify candidates for targeted education campaigns. These collaborations with plan sponsors help further educate employees on their 401(k) contributions and individual retirement needs. Featuring a unique combination of current and alternative 401(k) contribution options, and taking into consideration defined benefit or other client plans CUNA Mutual serves, the Synapses targeted education campaigns allow CUNA Mutual customers to greatly enhance their 401(k) education programs. The reports play a powerful role in effectively evaluating retirement savings – creating a real-time snapshot of retirement readiness, helping employees set and meet savings goals.

“CUNA Mutual is committed to helping its clients’ retirement plans achieve positive outcomes for participants,” said Tom Eckert, vice president of Retirement Plan Services at CUNA Mutual Group. “As a leading provider to small and mid-sized plans, we look for efficient solutions. The analysis and communication offered by Synapses promise to benefit many plan sponsors and, through them, plan participants. As sponsors adjust their plans to reflect Pension Protection Act provisions, we will help them monitor progress toward long-term retirement program goals.”

CUNA and Synapses are industry leaders

In December 2008, CUNA Mutual announced it received top rankings for overall client satisfaction, customer loyalty and brand relationship in Boston Research Group's annual defined contribution provider (DCP) study. Boston Research Group's DCP study of client satisfaction and loyalty rated 22 leading defined contribution plan providers based on surveys of more than 1,380 plan sponsors with plan assets totaling $5 million or less.

“Synapses has provided a consultative role in helping us look at entire segments of our book of business – differentiating CUNA Mutual services by communications to help our clients get employees on track for retirement,” said Richard Shafer, senior manager of retirement solutions at CUNA Mutual. “Synapses stays within an extremely efficient cost structure, and we see high response rates to the communications they assembled. CUNA Mutual is confident it will receive an attractive return on its investment in these innovative efforts.”

“By adding a Sponsor Profile to our targeted communications toolset, customers such as CUNA Mutual are able to gain a comprehensive look into their business and provide even stronger, more impactful services to their clients,” said Jim Saunders, President of Synapses. “In addition, Synapses suggests targeted communications that, based on historic response rates to Synapses communications, are most likely to have the biggest results. Results equal new participants, more contributions from current participants, and movement toward age-appropriate asset mixes.”

About CUNA Mutual Group CUNA Mutual Group is a leading provider of financial services to cooperatives, credit unions, their members and valued customers worldwide. With more than 70 years of market commitment, CUNA Mutual’s vision is unwavering: to be a trusted business partner who delivers service excellence and customer-focused, best-in-class products and market-driven innovation. More information on the company is available on the company’s Web site at www.cunamutual.com.

About Synapses Synapses Inc. is a leading innovator in personalized 401(k) education, products and services. Providing comprehensive process analysis, custom software design and implementation, as well as personalized education product development and delivery, Synapses has produced hundreds of thousands of individual personalized 401(k) education reports. By offering 401(k) providers, sponsors and financial advisers customized products, Synapses uses a proprietary product delivery infrastructure to provide astoundingly effective education that offers unique scalability to meet the demands of the retirement services market. Founded in 2005, Synapses is headquartered in Charlotte, North Carolina. For more information, please call 704-321-4747 or visit the Synapses Web site at www.synapses.com.

©2009 Synapses Inc. All rights reserved.

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