RolloverSystems Announces HR XCEL Will Integrate Its 401(k) Rollover Tool Into HR Offerings

HR Outsourcer Addition To Growing Distribution System

CHARLOTTE, N.C. (May 14, 2003) -- RolloverSystems Inc. announced today that HR XCEL, Inc. a leading provider of integrated human resources services, will incorporate RolloverSystems' unique 401(k) rollover tool into its core package of HR offerings.

The partnership will give employees at HR XCEL client companies an easy, quick, and smart way to roll over their retirement savings to an Individual Retirement Account (IRA) using RolloverSystems' first product, the RolloverMarket Network.

"HR XCEL has established itself as a leader in providing outsourced human resource services because of the quality of its solutions and its excellent service to clients," said Reginald Bowser, president and chief executive officer of RolloverSystems. "We're proud that RolloverSystems has been chosen to provide HR XCEL's clients with the fastest and most convenient 401(k) rollover service available."

"The addition of RolloverSystems' unique 401(k) rollover solutions strengthens our existing products and services and advances the HR XCEL mission of helping our client companies provide the highest-quality, most comprehensive human resource and benefit management services to their employees," said Barbara Sheridan, president and co-founder of HR XCEL.

Introduced in March, RolloverSystems' rollover service allows 401(k) plan participants who want to roll over their retirement savings to go online, fill out a simple form and receive multiple IRA offers from competing top-tier financial institutions that are part of the RolloverMarket Network.

An estimated 14 million American workers change jobs annually and must decide what to do with the retirement savings in their former employer's 401(k) plan. Many are simply taking a lump-sum distribution, or "cashing out," and losing up to 40 percent of their hard-earned savings to taxes and penalties in the process. Most financial advisors recommend rolling over the 401(k) savings into another tax-deferred savings vehicle such as an IRA. While the traditional rollover process can be cumbersome and time-consuming - taking up to eight weeks - RolloverSystems has simplified the process and made it possible to complete the entire transaction in as little as 25 minutes.

Job changers who need to roll over their 401(k) savings can access RolloverSystems' products and services directly at www.rollovermarket.com. Partnerships with HR XCEL and other providers of human resources outsourcing services will further simplify the rollover process by enabling plan participants to access RolloverSystems' service through their employer's company intranet.

For example, HR XCEL's client companies, which include Saturn Retail Enterprises and Rock-Tenn Corp., with 1,800 and 8,000 employees respectively, will be able to offer their employees convenient access to the RolloverMarket Network as part of the package of human resource and benefit management services provided to them by HR XCEL.

In addition to easing the rollover process for employees, RolloverSystems' technology also will help human resources administrators by reducing the amount spent on retirement plan administration while helping them comply with the Economic Growth & Tax Relief Reconciliation Act of 2001. EGTRRA requires that employers automatically roll over distributions for certain former employees unless the plan participant chooses otherwise.

About HRxcel

HR XCEL, with headquarters in Charlotte, N.C., is a leading provider of dedicated HR outsourcing services to companies throughout the United States. Clients represent a number of industries including manufacturing, distribution, and healthcare services. The company has clients with headquarters in 16 states and provides outsourced HR services to client employees in 49 states, Canada, Mexico and Puerto Rico. Client companies will report in excess of $5 billion in 2002 revenues. For more information on HR XCEL, please visit www.hrxcel.com.

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