Reliance Signs on as Custodian for BenefitStreet ETF 401(k) Platform

BenefitStreet Inc. has announced that Reliance Trust Company has been added as a custodian to the recently introduced BenefitStreet ETF 401(k) solution.

Reliance will provide ETF custodian services to complement BenefitStreet’s transparent and low-fee 401(k) administration structure. The firm will also offer other services, including directed trustee services, ACH pull services, and certified statements to advisers and plan sponsors, according to a company announcement.

The technological integration between BenefitStreet and Reliance will help plans enjoy competitive recordkeeping and custodial fee rates, the firm said. Combined with the lower fund management fees of ETFs, companies will be able to reduce 401(k) plan expenses for participants.

The BenefitStreet ETF system distributes the funds directly to investors, circumventing the use of collective trusts and reducing commission costs. In May, BenefitStreet announced it would offer Barclays Global Investors’ iShares exchange-traded funds (ETFs) on the 401(k) platform (see BenefitStreet Offers Barclays’ iShares on New 401(k) Platform).

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