This news should cheer investors who want to see a wider array of all-exchange traded fund (ETF) 401(k) plans on the market: discount brokerage and ETF provider Charles Schwab is getting in on the action.

Schwab President and CEO Walter W. Bettinger II told a group of advisors recently that the firm has been hard at work on the launch of an all-ETF 401(k) plan in early 2012, says Lisa Shidler at RIABiz.

In keeping with Schwab’s low-cost ethos, its plan would save participants between 35% and 85% off a mid-sized plan, Bettinger said.

Schwab isn’t the first-mover in this growing space, but when the plan launches, it will be the biggest player by a long shot.