Bank of America launched the Merrill Edge Small Business 401(k) for small business owners who generally have 401(k) plan assets under $250,000.
The 401(k) plan is self-serviced and managed online, giving small business owners secure access when and where it is convenient for them. Other features and benefits include:
Access to 401(k) specialists to help with online plan setup Web-based 401(k) recordkeeping administration Transparent fees to help assess the right plan for their business A streamlined investment menu Online resources and education Access to daily online statements and account performance details.
A recent U.S. Government Accountability Office report found only 14 percent of small business employers (those with up to 100 employees) offer a retirement plan to their employees. Based on interviews with small employers, the report cited plan complexity, administrative burdens and carrying out fiduciary responsibilities as among the key barriers to sponsoring retirement plans.