Compass Group USA, Charlotte, N.C., will launch mPowers online investment advice for participants in its $200 million 401(k) plan in August, said Robert Kovacs, compensation and benefits director. The advice is in addition to the mPower education service the plans participants already receive.
Also this summer, Compass will launch an education and communication campaign for non-participants. In January, the firm merged six 401(k) plans into one, hiring American Express Retirement Services as semibundled provider. The new plan has a tiered set of investments: a set of three lifestyle funds managed by American Express; 11 investment options; and a self-directed brokerage account, Mr. Kovacs said.