According to a press release, the Streamlined 401(k) incorporates Lord Abbett’s five strategic asset allocation funds. The lifestyle funds offer diversification for participants based on their risk tolerance.
Lord Abbett’s five strategic allocation funds, in order of risk, are: Alpha Strategy Fund, Diversified Equity Strategy Fund, World Growth & Income Strategy Fund, Balanced Strategy Fund and Income Strategy Fund.
“With this new option, we believe we now offer small-business owners a range of cost-effective retirement plans that meet almost any need,” said Robert Noelke, Partner and Director of National Sales at Lord Abbett, in the release. “This product responds to what our clients have been asking for: an affordable plan that is easy to understand, set up, and administer.”
The Streamlined 401(k) plan is being incorporated into the firm’s Lord Abbett Safe Harbor 401(k) and Lord Abbett Owner-Only 401(k) plans, the release said.
More information can be found at www.LordAbbett.com .