Putnam Brings Small Business 401(k) Plan to the Market

The Putnam Small Business 401(k) plan is a full-service retirement plan for small companies with features and benefits traditionally available only to large corporations.   “Smaller plans have the same issues as larger plans,” said Rick Shoff, President, Plan Advisory Services in a news release.   “A fiduciary in a $2-million plan has the same responsibility as its counterpart in a $200-million plan.   The needs of the employees don’t change based on the size of the plan.   The challenge for our industry is to provide a plan that meets those needs cost effectively.   Putnam has provided us with an affordable product that allows us to provide smaller clients with the service they expect and deserve.”

To meet the needs of the smaller plan market,Putnam added its services and telephone support to the 401(k) engine powered by ExpertPlan.   Additionally, the plan includes:

• 24-hour Internet access and voice response
• daily valuation
• flexible document options
• compliance features, including 5500 reporting
• a loan-modeling feature that allows investors to create and view various loan and payment scenarios.

The plan’s multi-manager platform of investment options is built around Putnam’s offering of mutual funds.   Plan sponsors and their advisors can also create customized portfolios in which participants may elect to have their accounts automatically rebalanced.   The Putnam Small Business 401(k) plan is available through a financial advisor.