Wachovia Announces New 401(k) Offering

Wachovia will begin selling its new Wachovia Securities FundSource 401(k) through the firm’s more than 15,000 Wachovia Securities financial advisers.

A news release said the Wachovia Securities FundSource 401(k) product will provide employees with Wachovia Securities’ money management guidance and the ability to create an investment portfolio comprising a range of investment options, including individual funds offered within FundSource and risk-based FundSource Optimal Blend Portfolios.

Recordkeeping and administration support services for the plans will be provided by Wachovia Retirement Services, which currently administers some 6,500 retirement plans for more than 2.3 million participants and pensioners.

Wachovia Securities acts as investment manager and fiduciary for the assets in the FundSource Optimal Blend Portfolios. Currently there are $29 billion invested in FundSource funds.