American Express Retirement Services has announced a new defined contribution plan designed for mid-size firms with $5 million to $50 million in plan assets. Called NEXTPlan, it bundles together all of the elements essential to a retirement plan including education, financial planning, daily recordkeeping, paperless processing, online plan administration tools and a selection of nearly 400 funds from American Express and 15 other fund companies. Participants can access their accounts either on the Web or via the phone. In addition, NEXTPlan includes programs for executives.
"Many growing companies often find their level of retirement plan services struggling to keep up with the needs of their growing employee base," said John Baker, chief operations officer for American Express Retirement Services. "NEXTPlan takes them to the next level of retirement plan services with a cost-effective and efficient platform with higher levels of service and flexibility specifically designed to keep pace with the needs of growing mid-sized companies."