PaineWebber Inc. has rolled out a 401(k) program aimed at smaller employers-an area of the retirement market generally favored by banks.

PaineWebber's multifund program includes portfolios from its own Mitchell Hutchins group, as well as those offered by OppenheimerFunds, AIM, Pimco, and Franklin Templeton, said J. Richard Sipes, director of retail products at PaineWebber. The plan was officially rolled out last month.

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