J.P. Morgan Chase hired Vestwell as digital record keeper for the bank's Everyday 401(k) offering for small-business clients, Vestwell announced Thursday.
Vestwell will offer a "white-labeled solution" for Everyday 401(k) and provide J.P. Morgan with "an array of services that allow the firm to drastically scale its 401(k) offering to reach small businesses across the country," said Aaron Schumm, Vestwell's CEO, in an email.
Vestwell's capabilities will complement the bank's relationship with SS&C Technologies Services, which serves as the plan's record keeper, a spokesman for J.P. Morgan said in an email.
"Through our partnership with Vestwell, we can now offer clients additional services, such as a fiduciary 3(16) administrative service," the J.P. Morgan spokesman said.
Since launching in October 2020, the bank's Everyday 401(k) offering has attracted more than 1,700 employers, 90% of which had never offered a workplace retirement plan before, the J.P. Morgan spokesman said.
