National City Corp., Cleveland, set up its first turnkey 401(k) products, within its investment and trust services group.
The banking company upgraded its existing defined contribution business by introducing the Voyage Savings Incentive Plan with a three-tiered structure for respective employer size.
The first tier for small-end employers offers six investment options. The second turnkey product, for customers with anywhere from 100 to 1,000 employees, allows for 10 investment options, while the third is for customers with more than 1,000 employees, who are willing to pay for more customized services.
A total of 40 mutual funds are currently available to the 401(k) customers, including 14 National City proprietary funds as well as families of funds at both Putnam and Fidelity Advisor.
A team of portfolio managers within the company will act as a liaison to employers in selecting an appropriate plan.