PlanMember Financial Corporation has announced that it is partnering with Newport Group, Inc. to offer the PlanMember Pooled Employer Plan (PEP). Newport Group will serve as the Pooled Plan Provider and PlanMember will provide 3(38) fiduciary investment services.
Their action comes in the wake of the enactment of the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which allows unrelated employers to participate in a PEP. The firms intend their partnership to capitalize on their respective strengths, and report that the new combined platform currently provides recordkeeping for over $150 billion in plan assets and provides defined contribution plan services to more than 1,700,000 plan participants.
PlanMember President and CEO Jon Ziehl in a press release hailed the PEP as a means “to provide a fully integrated, independent retirement service solution to include administrative services, professional investment advisory management, high-touch one-on-one participant retirement planning, and award-winning web and mobile technology.”
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