U.S. Bank Introduces Internet-Based Retirement Plan for Self-Employed Businesses.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--April 10, 2002 U.S. Bancorp  This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. (NYSE NYSE See: New York Stock Exchange :USB USB in full Universal Serial Bus Type of serial bus that allows peripheral devices (disks, modems, printers, digitizers, data gloves, etc.) to be easily connected to a computer. ) U.S. Bank Institutional Trust & Custody is introducing a new online retirement product that takes advantage of recent provisions within the Economic Growth and Tax Relief Reconciliation Act of 2001, allowing American self-proprietorships to contribute significantly more of their earnings toward retirement. The product, Solution Online Solo(k), is a Web-based, fully automated, multifund-family retirement product. "We're very excited about this retirement product," said Sue Hafferkamp, director of employee benefits product management for U.S. Bank Institutional Trust & Custody. "Solution Online Solo(k) allows the 18 million self-owned businesses in the United States to establish a low cost 401(k) that's affordable and easy to set up and manage. It also offers a wide range of features and well-known investment options." The retirement plan has a variety of features including unlimited account transfers; automatic account rebalancing Rebalancing The process of realigning the weightings of one's portfolio of assets. Notes: For example, if your portfolio's proportion of stock has grown too large for your intended assets weightings and risk tolerance, you might rebalance by selling some stock and putting ; online payroll processing; census and reports; an online administrative guide; account access through a voice-response telephone service; signature-ready IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. form 5500 EZ, and automatic issuance and filing of IRS form 1099R. Solution Online Solo(k) investment options feature First American Funds supplemented by U.S. Bank's partner fund families: American Century, Fidelity Advisor, MFS MFS Medicare fee schedule , Dreyfus, Nike Securities, Federated Connected and treated as one. See federated database and federated directories. , INVESCO and Putnam. To find out more about Solution Online Solo(k), go to http://solution.usbank.com. U.S. Bank Institutional Trust & Custody is a division of U.S. Bank National Association that focuses on retirement, investment and custody services to institutional clients. Its product offerings include retirement plans (401(k), profit sharing profit sharing, arrangement by which employees receive, in addition to their wages, a share of the net profits of a business. The purpose is to give them an incentive to increase their output through enhanced morale, less wasteful use of materials, better care of or money purchase pension plans), institutional custody and master trust services. Minneapolis-based U.S. Bancorp (NYSE:USB), with assets in excess of $171 billion, is the 8th largest financial services holding company in the United States. The company operates 2,147 banking offices and 4,929 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp is home of the Five Star Service Guarantee which assures customers of certain key banking benefits and services or customers will be paid for their inconvenience. U.S. Bancorp is the parent company of Firstar Bank and U.S. Bank. Visit U.S. Bancorp on the Web at www.usbank.com and Firstar Bank at www.firstar.com. |
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