ExpertPlan Partners With Putnam Investments
PRINCETON, NJ, August 7th, 2006 -- ExpertPlan, the leading provider of private-label retirement solutions to the financial services industry, announced today the release of the Safe Harbor option for Putnam Small Business 401K start-up plans. The new product is one of many plan options within the Putnam Small Business 401K.
Designed by ExpertPlan, the newest Safe Harbor 401K product delivers a cost-efficient solution for small businesses in which nondiscrimination testing would otherwise constrain the contribution levels of higher-compensated employees.
"With this innovative product, Putnam's financial advisors can now help employers create an effective retirement program with high contribution levels, and avoid discrimination testing by establishing a mandatory employer contribution," said Ross Brown, ExpertPlan's Senior Vice President of Sales and Relationship Management. The new Putnam product provides employers with an option to select from either a basic match or non-elective employer contribution.
The ExpertPlan-operated product reduces the amount of time and paper spent establishing the plan via streamlined online proposal generation, pre-selected plan design options, and e-acceptance for clients. Brown noted that financial advisors can allow sponsors to set-up a plan immediately, without collecting paperwork or fees upfront. All plan transactions are conducted online, including auto enrollment, loan modeling, scheduled account rebalancing, on-demand statement generation and phone support through ExpertPlan's new, proprietary intelligent voice response system.
"In addition to helping small companies adopt safe harbor provisions within their plan, this new product is distinguished by its broad range of quality investment options," said Brown. Putnam Small Business 401K with safe harbor option includes a wide range of mutual funds in a choice of share classes, from Putnam and other mutual fund families.
About Putnam Investments
Founded in 1937, Putnam Investments is one of the nation's oldest and largest money management firms. As of July 31, 2006, Putnam managed $179 billion assets. Mutual fund assets were $117 billion. Institutional assets were $62 billion. Putnam has offices in Boston, London and Tokyo. For more information, go to www.putnaminvestments.com.
About ExpertPlan
ExpertPlan Inc., headquartered outside of Princeton, NJ, provides the only entirely proprietary, private-labeled recordkeeping platform to asset management firms, TPAs, RIAs, broker dealers, insurance companies, CPAs and banks that serve 401K and other defined contribution plans. The firm's scalable recordkeeping solution can be customized to fully integrate with a client's business models. For more information about ExpertPlan, visit www.expertplan.com.
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