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 .