JPMorgan Chase has created a simplified 401(k) plan designed for its small-business clients.
Called Everyday 401(k), the program will use SS&C Technologies as the underlying record keeper. Company fees can be as low as $75 per month plus $5 per participant per month, the bank said in a release.
The plan can be set up and employees enrolled online, the bank said.
All of the investments in the plans are J.P. Morgan products, including its target-date mutual fund series. Employees are expected to pay average net mutual fund investment management fees of 47 basis points.
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