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Retirement benefits. administration service; Securian Retirement Services has introduced the new online tool - What's New - Union Bank of California has introduced a new web-based 401k - Brief Article
HR Magazine, August, 2003
Union Bank of California has introduced a new web-based 401(k) administration service that allows small businesses with 100 or fewer employees to set up and administer retirement 333 benefit plans online. The new service offers online plan administration tools including payroll submission compliance testing, employee loan approval and a broad selection of mutual fund investments. The service also allows employers to customize their plan by establishing eligibility requirements and the level of employer contributions, among other options. The program includes staff support for plan sponsors, as well as online investment education and retirement planning tools for plan participants. Plan participants are provided access to their accounts 24 hours a day online or through a voice-activated telephone system.
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Securian Retirement Services has introduced the new online tool, the Securian Array Analyzer, to help the sponsors of retirement benefit plans meet their fiduciary responsibilities. The Array Analyzer uses a scoring system to scan for investment diversity, highlights missing investment styles and provides the latest ratings from Securian's independent due diligence reports. Once the software has analyzed a retirement plan, Securian staff members review the results and work with clients to ensure that key fiduciary tasks are performed, including investment policy statement updates, enrollment meetings and participant investment communications.
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