Principal Rolling Out One Stop Online "Shop" for Small 401(k)s
The product, Impact401k.com, allows an employers to build a plan online, based on user-provided information about retirement plan objectives and preferences. It also offers an online feature-by-feature and cost comparison with competitor offerings.
“Our research shows there is a growing segment of the marketplace that want to design and serve themselves with a 401(k) plan,’ Barry Griswell, president and CEO of The Principal, said in a statement. And, plan sponsors in more than 30 states can currently enroll without printing a single form, or signature.
Impact401k.com offers:
- A patent-pending system that makes it possible for everyday users – not retirement experts – to design a plan to achieve their specific business objectives.
- A choice of more than 40 investment options from leading investment managers, including The Principal, Putnam, Janus, INVESCO, American Century and Fidelity.
- Online administrative support and recordkeeping services including daily valuation.
- Compliance tools including top-heavy determination and minimum contribution calculations, 415 limit calculations, nondiscrimination tests, Form 5500 series annual reports and related schedules, employee booklets, summary of material modifications, summary annual report.
The Principal claims that Impact401k.com represents the lowest total cost of any Internet 401(k) product. The only billed expenses are a one-time, $500 set-up fee, a $700 annual administrative charge, and a $20 per-member recordkeeping fee. There is no sales or distribution fee.
More at www.impact401k.com .