Principal Financial Group is introducing an online build-your-own 401(k) plan for plan sponsors. Impact401k.com, the companys patent-pending system, is designed for businesses with up to 100 employees.
Sponsors can log on to the website and compare its costs and services to those of its competitors.
Principals service includes a one-time $500 setup fee, a $700 annual administrative charge and a $20-per-member record-keeping fee, with no sales or distribution fees. The program also includes more than 40 investment options from managers including Principal Financial, Putnam Investments, Janus, INVESCO, American Century and Fidelity Investments.