PRESS RELEASE October 1, 2007
Private Label 401(k) for Plan Providers – Wholesale priced at $300 per plan plus $25 per participant -- Unlimited no-load mutual fund choices
LOS ANGELES Easytec Partners, Inc. now offers the Private Label 401(k)™, a comprehensive, competitively priced open architecture 401(k) administration and record-keeping service geared to the needs of Plan Providers.
The Private Label 401(k) is integrated into the plan provider’s website. Available “private label” services include an online order form for plan sponsors, production of IRS-approved prototype plan documents, and a highly customizable, secure, scalable 401(k) administration and recordkeeping product that, among other things, can host an unlimited selection mutual funds and/or self-directed brokerage accounts. The system allows plan providers to store confidential client data on in-house servers, while outsourcing 401(k) administration and recordkeeping functions to Easytec’s technical and 401(k) processing experts.
Plan providers can set plan fees and options on a plan-by-plan basis. Point-and-click compliance testing, loan processing, distribution processing and other features takes only seconds, freeing personnel to concentrate on customer service, marketing and other high-revenue tasks. In functionality and cost, the Private Label 401(k) outperforms the competition. Fees trump other "competitively-priced" systems, and ŕ la carte pricing means plan providers can select only the services they want. The system is USA-based, runs 24/7, and renders participant account balances in real time -- a strong selling point to plan sponsors. Wholesale prices of $300 per plan and $25 per participant per year means a plan provider can mark-up fees at least 400% to match prevailing retail prices, plus keep any asset-based revenue-sharing all to itself.
Easytec Partners, Inc. at www.401kenginuity.com and its affiliates have been providing defined contribution retirement plan services nationwide since 1982. Los Angeles-based Easytec and its affiliates developed the patented 401(k) Easy, a PC-based "run-it-yourself" 401(k) service heralded by The Wall Street Journal as "(allowing) small businesses to manage 401(k) plans as easily as a consumer navigates family finances with programs such as Quicken" (12/27/99). Following the success of the desktop product, Union Bank of California (NYSE: UB) joined forces with an Easytec affiliate in 2002 to develop the comprehensive, open-architecture web-based 401k plan administration and record-keeping system now known as 401k Enginuity.
For more information please contact Easytec at (800) 660-0050 or Pam Buckley at (818) 501-4021, pbuckley@401k-network.com
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