Companies with 401(k) plans recordkept by other providers can now work with a Fidelity retirement expert to create an online plan through e401k. Once the initial conversion process is complete, the plan is administered online.
“Demand for this product has come from a wider range of companies than we ever imagined,”‘ said Peter J. Smail, president, Fidelity Institutional Retirement Services Company.”These new upgrades were implemented in response to this demand, especially from companies that have 401(k) plans but who want to move to an online format.”
Fidelity said its has sold more than 250 e401k plans sold since last fall.
e401k now also offers:
- A retirement plan selector for business owners to determine what type of plan is best suited for them,
- An enhanced online plan design process
- System generated documents, regulatory filing and correspondence required to open the plan.
The service can be found at the fidelitye401k.com, 401k.com and fidelity.com Web sites.
The announcement came on the same day that The Principal rolled out its new Impact401k.com online 401(k) offering for small companies.