SOURCE: Synapses Inc.

October 29, 2007 08:00 ET

Andrews Federal Credit Union (AFCU) Offers Retirement Gap Analysis for Employees Through Flexible Synapses Technology

CHARLOTTE, NC--(Marketwire - October 29, 2007) - Synapses Inc., a leading provider of personalized 401(k) education, products and services, today announced that Andrews Federal Credit Union (AFCU), a Maryland-based financial institution with more than $700 million in assets and 84,000 members worldwide, has utilized Synapses technology and services to educate its employees on their individual retirement savings status and progress.

With AFCU's core purpose being "to help people improve the quality of their financial lives," the credit union prioritizes the same mission for its own employees. In an effort to provide employees with an understanding of their own 401(k) savings progress, AFCU used the Synapses Retirement Income Report in 2006 with great success -- illustrating both current and alternative 401(k) contribution options, as well as clearly depicting gap analysis in a simple, easy format for each employee. In 2007, AFCU asked that Synapses add pension plan information to provide a more complete picture of their employees' retirement income.

In June, AFCU's management team also utilized Synapses to provide a customized Retirement Income Report for selected management-level employees who utilize additional AFCU-sponsored retirement plans. The new report included analysis of Social Security and two defined contribution plans.

Synapses' ability to customize the reports to an organization's specific needs spawns an ever-growing number of repeat-users that feed into continuous motivation for increasing contributions and retirement savings success stories.

"At AFCU, the Synapses Retirement Income Reports are an important tool for educating our employees on their own retirement savings," said Vicky Cuadra, Retirement Administrator at AFCU. "In fact, we prioritize our employees' financial well-being and we highly value Synapses' flexibility in fully customizing our Retirement Income Reports to best suit our needs and retirement options."

With more than 10 years of experience in perfecting its Retirement Income Reports, Synapses has created a unique tool that goes far beyond typical analysis -- combining unmatched functionality and usability. Custom "what if" spreadsheets for financial advisors and many other features distinguish Synapses from less innovative, costlier competitors.

Noel Wolfe, Financial Advisor and Retirement Planning Specialist with Morgan Stanley as well as AFCU's Plan Advisor, states that he has found that clients are extremely excited about the Synapses retirement savings products. He said Synapses' continuing desire to innovate has created better ways for him to service clients. Wolfe uses the spreadsheet as a tool for personal one-on-one working sessions to model different scenarios for the employee's 401(k) assets and for personal assets outside the 401(k) plan as well.

"AFCU demonstrates how the flexibility and depth of our individualized reports adds value to employees' retirement planning and to the relationship financial advisors have with their clients," said Jim Saunders, President of Synapses. "The Synapses Retirement Income Report is easy to use and brings the most customization options and flexibility -- far-exceeding the features of less innovative options that fail to maximize retirement savings awareness and participation. We're pleased to position Synapses as a leader in the retirement planning industry both from the employee, employer and advisor's perspective."

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 advisors 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

©2007 Synapses Inc. All rights reserved.

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