The American National Bank of Texas, a community bank, has launched Your kPlan, a retirement plan aimed at providing small business customers an affordable option for establishing 401(k) retirement plans.
The new service is offered through The American National Bank of Texas (ANB) wealth management group’s trust division. The annual record keeping expenses for Your kPlan is $250.
Kathy Howe, executive vice president of American National Bank of Texas, said: This product is truly a first in the marketplace. The expense related to establishing and maintaining a traditional 401(k) can be cost prohibitive for small businesses. ANB’s Your kPlan leverages the advantages of a multiple employer plan (MEP) without the requirements of being affiliated with an association.