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Equitable, the financial services organization and principal franchise of Equitable Holdings, Inc., has launched a new 401(k) program for small businesses, including those with startup plans and plans with account values of up to $500,000.
Retirement Gateway for Small Business, as the program is named, seeks to bring a simplified onboarding and administrative experience to the micro 401(k) market. Connecting plan sponsors and advisers to a third-party administrator, who can assist with plan design, implementation and ongoing administration, will help cut the time spent on getting plans up and running, a company press release says.
All new Equitable 401(k) clients with plan account values of up to $500,000 have access to Retirement Gateway for Small Business. The program offers packages of services—some of which are made available through partnerships with unaffiliated third-party providers—to help ease demands on plan administrators and improve participant outcomes. These services include:
- 3(16) administrative fiduciary: Compass Retirement Consulting Group, Inc., a retirement plan consulting firm, will serve as plans’ TPA and 3(16) administrative fiduciary for the Retirement Gateway for Small Business program;
- 3(38) investment fiduciary;
- Auto-enrollment;
- Stadion managed accounts as the qualified default investment alternative; and
- 360-degree payroll integration.
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