In an effort to help small businesses offer competitive retirement programs, Huntington National Bank and PAi Retirement Services have partnered to launch the Huntington 401(k) Center for Business.
The Huntington 401(k) Center for Business seeks to provides small and mid-sized businesses with better support for their retirement plans. Huntington’s wealth management arm—the Huntington Private Bank—serves as the 3(38) fiduciary adviser and is responsible for the investment management services. PAi handles the plan administration, which includes its CoPilot personalized recordkeeping services. Businesses also will have access to PAi’s participant platform.
“It can be challenging and time consuming for small businesses to properly manage their 401(k) plan’s investment menu, [considering] market volatility, fluctuating interest rates and the myriad of investment options offered to plan participants,” says Frank Zugaro, head of the Huntington Private Bank’s retirement plan services business. “That is where we, as the fiduciary adviser, can step in and leverage our investment experience and retirement insights to help business owners look out for their employees and help them prepare for retirement.”
PAi’s customer care specialist team will use CoPilot’s features that promote plan participation and engagement to help ease the burden of saving for retirement. The personalized alerts system works to keep participants on track toward retirement readiness.
The fully bundled 401(k) service also sees Huntington play a lead role in proactively gathering resources for facilitating ongoing plan fiduciary consulting, advice, investment selection and monitoring, recordkeeper due diligence and regulatory compliance.