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Products January 8, 2004
Safeco Releases Small Biz K Plan
January 8, 2004 (PLANSPONSOR.com) - Safeco Life
& Investments is now out with Safeco Multi-Share Class
401(k) Program, a plan aimed at small employers.
Reported by Fred Schneyer
According to a news release, the product offers more than 35 mutual funds covering nearly every investment style — from a conservative stable value fund to aggressive growth funds. Asset managers include Safeco Asset Management, AIM Advisors Inc., American Century Investments, American Funds, The Dreyfus Corp., Fidelity Management & Research, Franklin Templeton Investments, Gartmore Morley Financial, INVESCO Funds, and JPMorgan Fleming Asset Management.
The program’s takeover plan minimum is $250,000, according to the announcement. Recordkeeping fees are waived for plans with an average participant account balance of at least $10,000. Plus, the takeover fee is waived for employers that add the ShareBuilder option and have a minimum of $1 million in takeover assets.
There is no additional cost to employers for ShareBuilder, which gives employees access to an online, self- directed brokerage account. ShareBuilder allows investors to purchase fractional shares of over 3,500 company stocks and more than 70 exchange traded funds (ETFs) on a recurring basis through regular contributions to their retirement accounts.
For more information, go to www.safecofinancial.com .