Bank of America today released a its own version of a multiple employer plan for small businesses, dubbed Merrill Edge Small Business 401(k), targeting plan sponsors with 401(k) plan assets under $250,000.
The Merrill Edge Small Business 401(k) features include: Web-based 401(k) recordkeeping administration services provided by Plan Administrators, Inc.; Transparent fees; and an investment menu selected by Morningstar Associates, LLC, who assumes investment fiduciary responsibility.
“We know how important small businesses are to our nation’s economy and how dedicated their owners are to their employees,” stated Robb Hilson, Bank of America Small Business executive. “Offering a simplified 401(k) plan, designed to address the needs of small business owners and their employees, is yet another way we are showing our commitment to supporting small businesses.”
