Small business owners and their employees can now simply and affordably save and invest for their future
JPMorgan Chase announced the launch of Everyday 401(k) by J.P. Morgan, giving the firm’s thousands of small business clients and their employees the ability to simply plan, save and invest for retirement. Leading retirement solutions provider SS&C Technologies will act as the underlying recordkeeper for Everyday 401(k).
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Through Everyday 401(k), small business owners can quickly and easily set up a 401(k) plan by selecting J.P. Morgan Asset Management’s ready-to-use solutions or by customizing their own plan. Plans start as low as $75 per month, and $5 per participant per month.
“JPMorgan Chase is firmly committed to driving stronger retirement outcomes for all Americans, particularly as businesses and individuals grapple with this challenging economic environment,” said Jamie Dimon, Chairman and CEO, JPMorgan Chase & Co. “By leveraging capabilities across J.P. Morgan Asset Management and Chase, we are uniquely positioned to support small businesses with solutions such as Everyday 401(k).”
The launch of Everyday 401(k) follows research1 from J.P. Morgan Asset Management indicating that the large majority (85 percent) of small business owners are confident their business will survive the current economic environment. The survey also revealed:
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- More than one-third of small business owners plan to offer a 401(k) in the next year while less than half (48%) currently offer a 401(k) plan
- Retaining and attracting new employees are seen as top motivators for small businesses to offer a 401(k) plan in the future
- Low revenue is cited as the top reason small businesses do not offer a 401(k) plan, while nearly a quarter believe administration is too costly
Everyday 401(k) allows small business owners to commence setting up a plan and enrolling their employees online at Chase.com. After answering a few questions to narrow plan options, determine pricing and select the plan for their business, owners can choose a customized plan and enroll their employees. From here, business owners simply need to confirm details with an SS&C Retirement representative to give employees access to JPMorgan Chase resources and advice to plan, save and invest for the future. SS&C Retirement Solutions has more than 30 years of experience servicing more than 10 million plan participants.
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