Retirement Gateway addresses proposed provisions of SECURE 2.0, such as the automatic enrollment requirement for new plans created by businesses with 10 or more employees. The growth of state-mandated retirement plans also is driving the demand for this type of program. 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. They include:

3(16) administrative fiduciary: Relieves the fiduciary burdens of running a 401(k) for plan administrators.
3(38) investment fiduciary: Provides professional assistance with investment management tasks.
Automatic enrollment: Reduces the amount of time employees spend on the enrollment process, which can lead to greater participation and increased savings rates.
Stadion-managed accounts as the qualified default investment alternative: Reduces the complexity of selecting investments by automatically investing participants in a personalized portfolio.
360 payroll integration: Reduces the amount of time and effort spent managing census and payroll files.

Related: The Safe Harbor 401(k): Designed to reduce the administrative hassle for small businesses

"Small-business owners are focused on operating their organizations," says Jay Zickerman, head of product innovation and implementation for Equitable's group retirement business "That's why it's important to take the guesswork out of choosing the right retirement plan design that can help them achieve the best participant outcomes. Predefined packages help advisors reduce the administrative burden and time spent selecting a plan, point their clients to the right amount of fiduciary coverage based on their specific needs and streamline the overall onboarding process."

Instant Insights /

Equitable launches new turnkey 401(k) program for small businesses

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