Union Bank of California unveiled a new Web site this week dedicated to providing 401(k) participants with information and interactive calculator tools to determine the direction of their retirement plans.
The 401(k) Resource Site, located at www.401(k)resource.com, is aimed at retail investors who have access to the Internet. It is for all retirement plan participants-not just customers of Union Bank of California.
The site was prompted by questions from Union Bank of California's own 401(k) plan participants, said Jeff Boyle, senior vice president and director of business trust sales and marketing.
Mr. Boyle said that Union Bank of California is "the largest full- service bank provider of daily valuation services on the West Coast" and has 120,000 plan participants in its program.
"We wanted to answer the needs of the participants in our plans, as well as provide additional information out there in the market," he said.
Adding that users can plug in various investment scenarios and get responses, Mr. Boyle said, "It's not just a dead site.".
Meanwhile, Union Bank of California plans to link a site where the bank's 401(k) plan participants can access how their specific investments are performing. That site should go live during the first half of 1998, said Mr. Boyle.