JPMorgan Chase unveils Everyday 401(k) solution for small businesses

By Pavithra R

JPMorgan Chase has announced the launch of Everyday 401(k) giving small business clients and their employees the ability to plan, save and invest for retirement. SS&C Technologies, leading retirement solutions provider will act as the underlying recordkeeper for Everyday 401(k). 

Everyday 401(k) will help small business owners to set up 401(k) plan quickly by selecting J.P. Morgan Asset Management’s ready-to-use solutions or by customizing their plan.

“JPMorgan Chase is firmly committed to driving stronger retirement outcomes for all Americans, particularly as businesses and individuals grapple with this challenging economic environment. 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),” said Jamie Dimon, Chairman and CEO, JPMorgan Chase & Co.

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

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

“Now more than ever, small business owners are struggling to keep their doors open and retain their employees. 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,” said Jennifer Roberts, CEO, Chase Business Banking. 

Everyday 401(k) allows small business owners to commence setting up a plan and enrolling their employees online at Chase.com. 

“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. Through Everyday 401(k), we hope to empower more small business owners and their employees to successfully cross the retirement finish line,” said Andrea Lisher, Head of Americas, Client, J.P. Morgan Asset Management.

Recently JPMorgan Chase introduced new Chase account to raise financially smart kids.

JPMorgan is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. It serves nearly half of America’s households with a broad range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans and payment processing.