Small Businesses Being Courted by Banks for Small 401(k) Plans

Technology Driven Employee BenefitsSmall businesses are getting more options.  As more small businesses are expected to start retirement plans, either because of the war for talent, state mandates, or expected tax incentives in SECURE 2.0, banks seem to be more interested in serving smaller and start-up plans.

Huntington Bank has partnered with Pai – targeting plans with less than 50 employees among the 400,000 small businesses they service as clients.  JP Morgan, which sold its large market record keeper to Empower is offering a similar service using an outsourced record keeper, as is Bank of America.

There’s a service gap for startup and small businesses unlikely to be covered by RPAs or wealth advisors.  Banks are in position to find a niche by selling additional services to current clients and offer banking services to participants.  Interestingly, these banks are partnering with other record keepers, not creating their own.  For additional information visit and see this week’s edition of 401k Real Talk for more recent news.


Thank you for visiting our site!

TRAU, Inc. and its affiliates TPSU and 401kTV do not provide investment, legal, tax or accounting advice. 401kTV readers and viewers should consult their legal and tax advisors for guidance. All materials, including but not limited to articles, directories, photos, videos, graphics etc., on this website are the sole property of TRAU, Inc. and are intended for educational purposes only. We do encourage your sharing 401kTV content with Plan Sponsors; however, unauthorized use of any and all materials is prohibited/restricted.

Permission to use any of the materials, etc. on any of this site or affiliate websites may be requested in writing at and may be granted in writing on a case by case basis. Use of all editorial content without permission is strictly prohibited.

Scroll to Top