A new 401(k) platform launched by Money Intel seeks to provide an “easy and inexpensive” solution for small-businesses looking to offer retirement benefits.
Financial advising for the plan sponsoring company’s employees comes standard on the platform, according to Money Intel. Further, the platform “takes the responsibilities associated with implementing a 401(k) plan off the company’s shoulders by automating the entire process.”
According to Money Intel, the platform delivers pricing that is “less than one-fourth the cost of traditional insurance and payroll companies.”
Key features of the platform include payroll Integration; full-service plan administration, including signing and submitting all retirement-related government forms such as the Form 5500; full scope 3(21) fiduciary protection; and employee financial advising across the board.
The firm suggests its “innovative software-based approach” allows it to offer clients “a flat fee of $1,500 regardless of headcount, over 80% lower cost than traditional providers.”
“The average fees charged for employees at small companies are 1.3% of assets per year while those at the largest companies are just 0.60% of plan assets per year,” explains Monte Malhotra, co-founder and CEO of Money Intel. “We hope to help every small business offer a Fortune 500 quality 401(k) plan at pricing that is only offered to the largest companies in the world.”
More information about Money Intel’s 401(k) platform is here.