SunTrust Unveils Small Biz 401(k)

April 17, 2009 ( - SunTrust has released a 401(k) program for small businesses.

A news release said the offering is aimed at businesses with 100 or fewer employees and can be set up in less than an hour.

According to the announcement, the offering includes:

  • online plan establishment with available help from retirement specialists;
  • online administrative access;
  • choice of more than 200 screened investment alternatives;
  • resources to help business owners understand and execute their role as a fiduciary;
  • annual compliance testing and ongoing monitoring and communication of   regulatory changes;
  • a participant Web portal that includes a full array of educational tools;
  • coordination with SunTrust Online Payroll to save time in set up, processing, and record maintenance; and
  • transparent fees.

“SunTrust understands business owners are forced to juggle many roles within their daily responsibilities, and may not have much time to manage a retirement plan,” said Brenda Seliga, senior vice president and head of Employee Benefit Solutions at SunTrust. “SunTrust Online 401k was developed with these small businesses in mind. The solution makes offering and managing a retirement plan simpler, reducing stress to the business owner.”

More information is available at .