SAN FRANCISCO - In an effort to bring large company 401(k) benefits and pricing to the small company marketplace, Patelco Credit Union recently began offering a 401(k) program for that niche. The plan, administered through ShareBuilder, consists exclusively of exchange traded funds, making this the first time small businesses can offer market-efficient investment products for retirement saving, according to Patelco. The ShareBuilder 401(k) program features a $15 monthly fee per participant, no annual employer administrative fee, and a 0.65% annual asset fee. "Many of our members come to us through small companies," said Andrew Hunter, president/CEO of Patelco. "It was only natural to extend our philosophy of helping them with their financial goals through their employer-and at the same time helping these companies stay competitive." The $3.8 billion CU serves more than 220,000 members nationwide.
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