Franklin Templeton announced Sept. 13 that it is moving its 403(b) business to PCS Retirement’s Aspire 403(b) platform. Aspire is a division of PCS Retirement and is the largest independent recordkeeper serving K-12 retirement plans in the United States.
To date, says Franklin Templeton, most 403(b) plans include an annuity structure — while the Aspire platform leverages mutual funds.
Franklin Templeton says that the new arrangement will give participants it serves access to Roth 403(b) plans, a broader array of financial literacy tools, and access to additional independent specialist investment managers. Franklin Templeton also expects that the move will expand its presence in the K-12 market.
“By partnering with PCS Retirement, a leader in the public and non-profit space, we are able to provide a traditionally underserved group of workers with high-quality solutions — all with the goal of creating the opportunity for a better path towards financial independence,” said Yaqub Ahmed, Head of Retirement, Insurance & 529 — U.S. at Franklin Templeton in a press release.
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