News Release-- May 21, 1998
ROTH AND SIMPLE IRA ENHANCEMENTS ALLOW CSC CLIENTS TO CAPITALIZE ON MARKET OPPORTUNITY
Austin, Texas, May 21, 1998 -- Computer Sciences Corporation (NYSE: CSC) announced today that 20 customers have licensed the Roth and SIMPLE IRA accounts enhancement for the VANTAGE-ONE System. The Roth IRA was created by the Taxpayer Relief Act of 1997, and the SIMPLE IRA was created as a result of earlier legislation.
"The IRA enhancement is an important addition to the VANTAGE-ONE System," said Jim Jawort, vice president member services, Aid Association for Lutherans (AAL). AAL, based in Appleton, Wis., is a VANTAGE-ONE customer.
"Roth IRA business has been brisk, but sales to date are nothing compared to the potential number who qualify," Jawort said. The Roth IRA has vast market potential because it appeals to all income groups. It's available to couples filing jointly who earn up to $160,000 annually, or individuals with incomes up to $110,000.
CSC's Financial Service Group worked with the VANTAGE-ONE Regulatory Compliance Committee (RCC) members and their legal staffs to design a common flexible solution that incorporates all clients' requirements. "Speed to market is an important differentiator for CSC's clients," senior project director Joe Frutuoso said, adding that the enhancement was delivered last November. "CSC is pleased to provide this enhancement."
Aid Association for Lutherans had $1.465 billion in insurance and annuity premiums for 1997 and $18 billion in assets as of December 31, 1997. A.M. Best ranks AAL as the largest fraternal benefit society in terms of admitted assets and total life insurance force. AAL offers a wide variety of insurance products, including life insurance and annuities, to Lutheran members and their families.
CSC's Financial Services Group delivers strategic solutions to the global financial services marketplace that harness the breadth of CSC's assets and capabilities, as well as its extended network of industry and technical partnerships. CSC maintains the world's largest inventory of banking and insurance applications software and supports more than 1,000 financial services clients in 50 countries.
CSC had $6.6 billion in revenues for the 12 months ended April 3, 1998. Headquartered in El Segundo, Calif., the company has 45,000 employees in more than 650 offices worldwide and provides clients with a wide range of professional services, including management consulting, information systems consulting and integration, and operations support. More information about Computer Sciences Corporation is available at www.csc.com.