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Safeco Adds Small Employer 401(k) Program

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NU Online News Service, Jan. 8, 2004, 4:15 p.m. EST – Safeco Life & Investments, Redmond, Wash., has introduced the Safeco Multi-Share Class 401(k) program.[@@]

The program gives sponsors of small 401(k) plans the ability to offer as many as 35 mutual fund options from 10 fund management companies.

The minimum plan asset level is $250,000 for an existing plan, and Safeco Life will waive the recordkeeping fees for plans with an average account balance of at least $10,000 per participant.

Safeco Life will waive the takeover fee for plans with at least $1 million in assets that offer the ShareBuilder self-directed brokerage account option.

Safeco Life is a unit of Safeco Corp., Seattle.