American Funds' [
profile] 401(k) offerings now offer access to outside mutual funds, including options to invest with
Vanguard [
profile],
Legg Mason,
Pimco [
profile] and
T. Rowe Price [
profile].
The Los Angeles-based company has offered multi-fund options before on products with outsourced recordkeeping, but has traditionally been a closed platform when they run the plans internally.
In total, American Funds works with around 250,000 plans which total 3 million participants.
The product, which was first
reported in our sister publication
401kWire, is called
Recordkeeper Direct Multi-Fund, a new version of the existing Recordkeeper Direct product.
The multi-fund version was created to satisfy advisors desire for more flexibility, American Funds retirement plan business director
Bill Anderson told
401kWire. 
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