JP Morgan Retirement Launches 401k App
NEW YORK, NY, June 28, 2012 -- J.P. Morgan Retirement Plan Services (RPS), a division of J.P. Morgan Asset Management, has launched a mobile device-optimized experience for 401k plan participants. In addition to providing access to key account information, the mobile application features a "quick enroll" application targeted to eligible participants.
The quick enroll feature allows a nonparticipant to easily enroll in a 401k plan on a mobile device. The individual will start contributing at a specified amount and will be invested in the plan's default investment option, which is typically a target date fund. The only pieces of information required to enroll on the mobile device are:
- His or her date of birth
- The last five digits of the Social Security number
- The home zip code
"We've applied behavioral science in developing this experience," said Donn Hess, managing director and head of product development for J.P. Morgan Retirement Plan Services. "Inertia is extremely powerful, and many individuals don't overcome the obstacle of resetting a password. In this case, individuals can attend 401k plan informational meetings and enroll before they even leave the room. We want to eliminate any barriers to saving."
Any further account transactions require full authentication, but participants can move between the mobile experience and full Web experience without authenticating again. Along with the participant's account balance, the mobile experience prominently displays the estimated annual income the individual is on track to receive in retirement, a central piece of information provided to J.P. Morgan plan participants for the past decade.
"We also felt it was important for the experience to translate across any number of devices," said Mr. Hess. "Our research shows that two-thirds of participants are counting on their 401k plans as their primary source of income in retirement. We want those individuals to have access to their accounts easily and securely."
About J.P. Morgan Retirement Plan Services
J.P. Morgan Retirement Plan Services provides bundled defined contribution services to 1.9 million plan-level participants, representing $135.7 billion in retirement plan assets as of March 31, 2012. J.P. Morgan Retirement Plan Services provides plan sponsors with consultative plan administration and investment strategy for defined contribution, defined benefit, deferred compensation and stock-based compensation plans. J.P. Morgan Retirement Plan Services employs more than 1,100 people and is a subsidiary of JPMorgan Chase & Co.
About J.P. Morgan Asset Management
J.P. Morgan Asset Management, with assets under supervision of approximately $2.0 trillion and assets under management of $1.4 trillion (as of March 31, 2012), is a global leader in investment management. J.P. Morgan Asset Management's clients include institutions, retail investors and high-net worth individuals in every major market throughout the world. J.P. Morgan Asset Management offers global investment management in equities, fixed income, real estate, hedge funds, private equity and liquidity. JPMorgan Chase & Co. (NYSE: JPM), the parent company of J.P. Morgan Asset Management, is a leading global asset management firm with operations in more than 60 countries. Information about JPMorgan Chase & Co. is available atwww.jpmorganchase.com.
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