Capital One launched Spark 401k, providing low-cost, all-exchange traded fund (ETF) 401(k) plans to small business owners and employees.
Spark 401k is designed for businesses with fewer than 100 employees to deliver a retirement planning experience that offers the benefits available to larger companies. These benefits include the ability to build a retirement nest egg with tax-deferred dollars, reduce business taxes, and recruit and incentivize employees.
Spark 401k leverages the technology and expertise behind Capital One’s ShareBuilder 401k. Spark 401k also provides access to low-cost ETFs that keep investment expenses less than 1%, helping employees further grow their nest egg.
“Today, only 13% of small businesses offer a retirement plan and while many say they want to provide a plan, they often put it off because they think it will be too expensive, burdensome or complicated,” says Stuart Robertson, president of Capital One Advisors 401k Services, which oversees ShareBuilder 401k and Spark 401k. “We designed Spark 401k to make retirement planning easier and more accessible for small businesses. With its online plan management and direct access to licensed 401(k) advisers and customer success managers, Spark 401k can help small business owners plan for the future—for themselves and their employees—while they pursue their primary passion, running their business.”
With small businesses increasingly relying on mobile technology, Spark 401k provides owners a streamlined, digital experience to easily determine which plan best suits their needs. Spark 401k provides three types of 401(k) plans and oversees each plan’s investment fiduciary responsibilities for no additional cost.
More information is at www.spark401k.com.
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