St. Louis-based Blue Ocean Portfolios, part of Huntleigh Capital Management, Inc., has launched Ocean 401(k), what it says is one of the lowest cost, full-service 401(k) plans in the industry.

With a focus on diversification, low fees and rebalancing, Ocean 401(k) uses low cost index mutual funds to construct and maintain diversified model portfolios for participants to choose from. The average total participant cost in the plan is 0.79% of assets annually, including the expense ratios of the underlying index funds, the company said in a statement, and this includes investment education, statements, online access, and investment management fees.

Ocean 401(k) also eliminates administrative headaches for participants by taking care of plan enrollments, compliance, and record keeping. Plan participants can also have 24/7 online access to account information, and they will receive quarterly personal statements, the company said.