Participants enrolled on the Betterment for Business platform, according to the company, are invested in a globally diversified portfolio of index-tracking exchange-traded funds (ETFs) and receive personalized advice in a goal-based investing framework.

The Betterment platform currently serves more than 130,000 retail customers.

Participants can also open and customize taxable investment accounts, traditional and Roth IRAs and trust accounts, and view all of them alongside their 401(k) accounts. The accounts will be managed together.

One of Betterment's selling points is its low cost to participants, available because it competes as a "full-stack" provider—acting as a plan's recordkeeper, custodian, third-party administrator and fiduciary advisor.

Betterment for Business, according to the company, "aims to lower costs and offers a simple, easy-to-understand fee structure, with no upfront fee for plan sponsors with more than $1 million in assets, and an assets under management-based fee ranging from 0.10 percent to 0.60 percent."

Betterment for Business has formed an advisory board and its first two members are Thomas E. Clark Jr. and Ray Kanner. Thomas E. Clark Jr. is Of Counsel at The Wagner Law Group, a law firm specializing in ERISA & employee benefits. Ray Kanner heads IBM's global pension and savings system, one of the largest systems in the U.S., overseeing approximately $140 billion of assets.