Union Bank of California Releases 401(k) Administration Service

June 3, 2003 (PLANSPONSOR.com) - Union Bank of California has introduced a new Web-based 401(k) administration service that allows small businesses with 100 or fewer employees to set up and administer their own retirement plans via the Internet.

The online service offers a variety of customizable options for the small business, such as establishing eligibility requirements and the level of employer contributions.   Additionally, the program includes support for plan sponsors via a Union Bank team, as well as online investment education and retirement planning tools for plan participants, according to a news release.

Further, the service offers online plan administration tools, including:

  • payroll submission
  • compliance testing
  • employee loan approval
  • selection of mutual fund investments from various fund families.

Once established, employees can access their accounts via the Web, through a voice-activated telephone system, or speak with call center retirement planning specialists.

Small businesses can obtain more information about the service at Union Bank branches, by calling 866-281-4600 or by accessing an online demonstration at  www.uboc.com/web401k .