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View More Press Releases by JPMorgan Chase

Press release:

JPMorgan Chase Launches Everyday 401(k) Solution for Small Businesses

Issued by: JPMorgan Chase

Date: Oct. 15, 2020

Small business owners and their employees can now simply and affordably save and invest for their future

NEW YORK, October 15, 2020 -- JPMorgan Chase today announced the launch of Everyday 401(k) by J.P. Morgan, giving the firm’s thousands of small business clients and their employees the ability to simply plan, save and invest for retirement. Leading retirement solutions provider SS&C Technologies (Nasdaq: SSNC) will act as the underlying recordkeeper for Everyday 401(k).

Through Everyday 401(k), small business owners can quickly and easily set up a 401(k) plan by selecting J.P. Morgan Asset Management’s ready-to-use solutions or by customizing their own plan. Plans start as low as $75 per month, and $5 per participant per month.

“JPMorgan Chase is firmly committed to driving stronger retirement outcomes for all Americans, particularly as businesses and individuals grapple with this challenging economic environment,” said Jamie Dimon, Chairman and CEO, JPMorgan Chase & Co. “By leveraging capabilities across J.P. Morgan Asset Management and Chase, we are uniquely positioned to support small businesses with solutions such as Everyday 401(k).”

The launch of Everyday 401(k) follows research from J.P. Morgan Asset Management indicating that the large majority (85 percent) of small business owners are confident their business will survive the current economic environment. The survey also revealed:

  • More than one-third of small business owners plan to offer a 401(k) in the next year while less than half (48%) currently offer a 401(k) plan
  • Retaining and attracting new employees are seen as top motivators for small businesses to offer a 401(k) plan in the future
  • Low revenue is cited as the top reason small businesses do not offer a 401(k) plan, while nearly a quarter believe administration is too costly

Everyday 401(k) allows small business owners to commence setting up a plan and enrolling their employees online at Chase.com. After answering a few questions to narrow plan options, determine pricing and select the plan for their business, owners can choose a customized plan and enroll their employees. From here, business owners simply need to confirm details with an SS&C Retirement representative to give employees access to JPMorgan Chase resources and advice to plan, save and invest for the future. SS&C Retirement Solutions has more than 30 years of experience servicing more than 10 million plan participants.

“Now more than ever, small business owners are struggling to keep their doors open and retain their employees,” said Jennifer Roberts, CEO, Chase Business Banking. “And we know small business owners see their employees as family. This is a simple, affordable way for them to offer the added perk of a retirement plan, something previously thought of as a benefit you could only get from a larger employer.”

“Everyday 401(k) harnesses J.P. Morgan Asset Management’s deep insights into the needs and behaviors of plan sponsors and participants to make retirement saving and investing accessible to more Americans,” said Andrea Lisher, Head of Americas, Client, J.P. Morgan Asset Management. “Through Everyday 401(k), we hope to empower more small business owners and their employees to successfully cross the retirement finish line.”

“The Everyday 401(k) solution is the latest addition to our market-leading suite of retirement research, tools and resources that have been built to drive better retirement outcomes for plan sponsors, plan advisors and plan participants,” said Michael Miller, Head of Retirement Americas, J.P. Morgan Asset Management.

J.P. Morgan Asset Management serves millions of DC plan participants, offering industry-leading insights such as the Guide to Retirement, Guide to the Markets, Long-Term Capital Market Assumptions and spending and saving research in collaboration with the Employee Benefit Research Institute (EBRI). The firm also provides a one-stop-shop of digital tools and resources including Target Date Compass®.

Chase for Business serves approximately 3 million businesses and offers a variety of solutions for business owners who are looking to start or to grow a business. Its solutions include business checking and savings accounts to manage cash flow, to business loans and lines of credit to make major purchases.

To setup a 401(k) plan or learn more, please visit www.chase.com/everyday401k

 

 

View More Press Releases by JPMorgan Chase


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