NU Online News Service, July 26, 1:22 p.m. – Banc One Insurance Group, Milwaukee, is working with Transamerica Retirement Services, Los Angeles, to sell a new, group annuity-based 401(k) plan to small businesses.
The new Bank One/Transamerica 401(k) plan, which offers 51 investment options from six money managers, is suitable for plans with $1 million to $3 million in assets, according to Banc One, a unit of Bank One Corp., Chicago.
Transamerica is a unit of AEGON N.V., The Hague, Netherlands.
The money managers for the new 401(k) plan include units of Bank One and Transamerica along with AIM Fund Services, Houston; INVESCO Funds Group, Denver; Fidelity Advisor, Boston; and Putnam Investments, Boston.
Each employer can choose up to 17 funds for its plan, Banc One says.
Banc One and Transamerica will help employers set up the plans, then handle recordkeeping, administration and employee communications.