Chase to Offer IRA For Small Businesses

Chase Manhattan Corp. last week unveiled an individual retirement account geared to small businesses that lack a 401(k) plan.

The Simple IRA is available through Chase Global Mutual Funds Group, the banking company's $40 billion-asset investment manager.

The plan offers a choice of funds and asset allocation models for conservative, moderate, or aggressive investors, Chase said in a statement.

Plan participants and sponsors will be able to gain access to account information via a 24-hour hot line. Customers will also get a quarterly magazine on current financial trends, the banking company said.

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