SunTrust, Nationwide Join to Offer Small-Biz 401(k) American Banker Online (02/26/02) No. 56 p.40; Gjertsen, Lee Ann
SunTrust Banks and Nationwide Financial Services have joined forces to develop, market, and service retirement plans for SunTrust's small and midsize commercial clients. Under the tie-up, SunTrust Bank's proprietary mutual funds would merge with Nationwide Financial's Best of America Retirement Resource program. Peter Bielan, president of SunTrust Securities, said the collaboration would accomplish two things: first, it would enable SunTrust to market a 401(k) plan that is co-branded with the banking company and that has a good representation of SunTrust's proprietary STI Classic Funds; second, it would enable SunTrust's brokerage unit to serve the investment needs of the clients. Included on the roster of the small-business retirement plan are 45 funds from a variety of money managers. The program's target group is companies that are developing retirement plans or those whose existing plans have $2 million or less of assets.