McCamish Systems Announces the Release of Version 2.0 of VPAS® Benefit Plan Administration

ATLANTA--(BUSINESS WIRE)--October 11, 2001--McCamish Systems is pleased to announce substantial enhancements to its VPAS® Benefit Plan Administration capabilities for the non-qualified benefit plan market with release 2.0 of VPAS® Benefit Plan Administration, available immediately.

The major component of this release is online participant enrollment, which allows participants in non-qualified executive benefit plans to perform the plan enrollment process via their Internet browser. Information that can be input by the participant includes participant indicative data, eligibility requirements, deferral amounts and percentages, source of fund options, and distribution options per account. Each of these options is edited against plan-level rules, requirements, and parameters contained within the recordkeeping system.

In addition, this release adds significant plan design flexibility to this dynamic non-qualified plan administration system. For example, the system architecture was enhanced to allow business objects to be customized and easily implemented for vesting and interest crediting methods. Plans may be established with multiple vesting and interest crediting objects at the plan level, but individual rules may also be set at the participant account level. This permits multiple rules to be in effect for a single plan.

Release 2.0 also contains automation for periodic withdrawals. Withdrawal rules defined at the plan level and selected at the account level will control the calculation and processing of installment withdrawals. Processing rules are in place so that plan administrators can control the withdrawal creation process at a plan level, ensuring that all necessary steps are complete prior to the withdrawal records being processed.

McCamish Systems, L.L.C.

McCamish Systems' VPAS® (Variable Product Administration Systems) product family includes VPAS® Life and VPAS® Benefit Plan Administration as client/server based, relational database systems that are scalable, feature-rich and flexible enough to be customized to suit unique client requirements. McCamish provides its solutions in BPO (Business Process Outsourcing), Remote or License environments.

VPAS® Life supports administration of variable and fixed annuities, variable and fixed universal life, private placement products, and corporate and bank owned life insurance programs (COLI and BOLI). VPAS® Benefit Plan Administration provides recordkeeping capabilities for SERP, Split Dollar and other non-qualified benefit plans. All VPAS® products are Internet enabled, allowing security-cleared clients, brokers, agents, sponsors and participants access to policy and plan information.

McCamish Systems is a privately held company based in Atlanta, Georgia.

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For more information about McCamish Systems, please contact our Sales & Marketing group at Solutions@mccamish.com or call 800.366.0819.

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