SunTrust Unveils 401(k) for Small Businesses

SunTrust said in a news release that the offering includes:

• online plan establishment with available help from retirement specialists;
• online administrative access;
• choice of more than 200 screened investment alternatives;
• resources to help business owners understand and execute their role as a fiduciary;
• annual compliance testing and ongoing monitoring and communication of regulatory changes;
• a participant Web portal that includes a full array of educational tools;
• coordination with SunTrust Online Payroll to save time in set up, processing, and record maintenance;
• transparent fees.

“SunTrust understands business owners are forced to juggle many roles within their daily responsibilities, and may not have much time to manage a retirement plan,” said Brenda Seliga, senior vice president and head of Employee Benefit Solutions at SunTrust. “SunTrust Online 401k was developed with these small businesses in mind. The solution makes offering and managing a retirement plan simpler, reducing stress to the business owner.”