Betterment at Work, First Citizens Wealth to Offer SMB 401(k) Benefit

Betterment at Work is partnering with First Citizens Wealth to offer a 401(k) solution for small and mid-sized business clients.

The solution will service clients of First Citizens Bank, including its Silicon Valley Bank and CIT Bank divisions.

First Citizens Wealth will provide consulting services for the retirement program, including overseeing plan design, investment fiduciary services, investment selection and monitoring, and continuous benchmarking. Betterment at Work will serve as the plan’s recordkeeper, responsible for plan administration, a digital platform, and ongoing operational support services and employee resources.

“We’re thrilled to be partnering with First Citizens Bank in a strategic collaboration that expands access to our 401(k) offering,” said Matt Heater, senior director of Strategic Initiatives. “By aligning with a trusted financial institution like First Citizens, we’re combining their deep banking relationships with our cutting-edge, automated retirement platform. Together, we’re equipping growing businesses with the cost-effective financial benefits they need to attract and retain talent, and support their employees as they plan for the future.”