bswift Releases Version 4.25 of its Employee Benefits Enrollment and Communication System

Chicago, September 10, 2002 -- On the one-year anniversary of the release of bswift Version 4.0, bswift is pleased to announce the release of Version 4.25. With this release, bswift is again capitalizing on its extensive experience in Web-based employee self-service benefits enrollment and administration systems, dating back to its original award-winning system developed in 1998 and 1999. Version 4.25 expands bswift's ability to support multi-client administrators - e.g., brokerage firms and TPA's - with the flexibility to handle all benefit plan types through easy configuration rather than expensive re-programming efforts.

In addition to the core enrollment 4.0 system released in September 2001, new advanced features of Version 4.25 include:

• Easy multi-client administration and communication of news, documents, audio, or video.
• Enhanced employee confirmation statement (via e-mail or print), including more detailed information and the presentation of per pay period employee costs.
• Enhanced "Benefit Calculator" functionality that provides the opportunity to supplement the presentation of employee/employer costs and tax effects with helpful text information customized for each benefit class.
• Tools for various authorized "agents" - e.g., TPA/broker administrators, customer service personnel, HR Managers - to view enrollment activity and take action on behalf of employees, with all changes tracked by the system.
• Additional tools to facilitate rapid configuration of multiple clients and benefit plans, without compromising flexibility in terms of plan types and rules.
• Customized waiting periods and other New Hire enrollment rules on a per client and per benefit plan basis.
• Easy handling of various Life Event enrollment scenarios in a flexible manner.
• Flexibility in the handling of various exception and retro enrollment scenarios.
• Automation of COBRA enrollment process, including multiple employee-dependent scenarios.
• Utilities to address passive enrollment and "roll-over" scenarios with updated pricing.
• New functionality to facilitate easy data exchange with payroll, HRIS, benefit carriers, and other systems.
• Multiple reporting options, including various standard reports for consolidated premium billing and reconciliation, list bills, change reports, and census reports; all reports easily delivered in Excel or Access format if desired.
• New specific plan rules, including:
  • Pro-rating of Flexible Spending Account payroll amounts based on mid-year elections.
  • The ability to easily collect Coordination of Benefits information, if desired.
  • Many flexible configuration options for Long Term Care.
  • Enforcement of 401(k) minimums, maximums, and employer matching rules.

"There are so-called 'enrollment' systems and then there is bswift's 4.25 system for full-service benefits communications, enrollment, and administration," says Richard Gallun, President & CEO of bswift. "It's taken years of experience with demanding clients to develop such a robust, flexible and intelligent system. We hope that companies looking at benefits administration and enrollment systems will take a closer look - we are confident that they will be pleasantly surprised."

About bswift

Based in Chicago, bswift simplifies employee benefits administration with online solutions that encompass all aspects of benefits enrollment, administration, and employee communications. bswift's state-of-the-art software significantly reduces administrative costs and paperwork, and improves HR service to employees. bswift's competitive advantages include: easy-to-use features and functions, fast implementation, and competitive pricing. Tailored especially for the particular benefits and procedures of each client, bswift reshapes the way employees choose and access benefits. bswift's base enrollment system was runner up in Microsoft's Best eCommerce Solution Competition out of 15,000 entrants in 1999. For more information, see www.bswift.com or contact Susan Blinkhorn (sblinkhorn@bswift.com) , 1-877-9-bswift (927-9438) or Ray Seaver (rseaver@bswift.com) , 414-899-8155.