The Wells Fargo product is aimed at companies with fewer than 100 workers and $3 million in assets, including start-up plans.
According to a Wells Fargo news release, key features of the new product include access to Wells Fargo’s proprietary and non-proprietary funds, as well as online access to plan balances and information, employee communications and annual compliance testing.
To enhance the Small Business 401(k) product offering, Wells Fargo is working with Great-West Retirement Services, who specializes in recordkeeping for the small plan market and is a unit of Great-West Life & Annuity Insurance Company. Plan sponsors will have online access to plan reports, plan specific forms and documents as well as electronic payroll submission and employer authorization of withdrawals. In addition, plan sponsors can access educational newsletters and legislative updates.
Employees who participate in the plan, will receive plan transition or start-up announcements, enrollment kits with plan highlights and investment fund descriptors, as well as retirement planning tools. The Wells Fargo Small Business 401(k) participant Web site will include educational modules such as a quarterly newsletter, paycheck calculator, retirement planner, investment fund descriptors and prospectuses.
In addition, participants can also access their account balance information by viewing transaction history, fund values, fund returns and comparative graphs. Additional site features will allow them to make investment elections and fund transfers. Participants can also access their account information by phone through a voice response unit staffed by client service representatives.