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Voya Financial Tapped to Serve as Recordkeeper for First 403(b) PEP

Voya Financial will serve as the recordkeeper for the new Secure Retirement 403(b) Pooled Employer Plan (PEP), the firm announced July 28.

Launched by The Platinum 401k, Inc., the PEP apparently is the first 403(b) program to the market following enactment of the SECURE 2.0 Act late in 2022, which permits 403(b) plans subject to ERISA to maintain a PEP.

Voya notes that the launch of this new PEP was created in response to SECURE 2.0 and is designed to provide a pooled plan option specifically to 501(c)(3) nonprofit organizations and healthcare related entities, broadening retirement plan access for employees within these industries.

“We are thrilled to be part of the first 403(b) PEP in the market,” said Brodie Wood, senior vice president and national practice leader of Healthcare, Education and NFP markets at Voya Financial.“With the combination of PEPs growing in prominence over the past few years and the opportunity to permit 403(b) plans to maintain a PEP, we see even greater opportunities to provide employees within education, health care and other tax-exempt entities with greater access to retirement savings capabilities, and ultimately providing an opportunity for improved outcomes.”

The new PEP, which is focused primarily on distribution through both retirement plan and independent financial advisors, will deliver retirement plan services to clients in collaboration with LeafHouse Financial as the ERISA 3(38) Investment Manager; Plan Compliance Services, Inc.—an affiliate of The Platinum 401k, Inc.—as the ERISA 3(16) plan administrator and Pooled Plan Provider; and Voya Financial serving as the plan recordkeeper.

“We're delighted to be the first to market with the first 403(b) Pooled Employer Plan,” said Terrance Power, CEO of The Platinum 401k, Inc. “Voya has developed a great reputation as a leading recordkeeper in the pooled employer plan space, in a short period of time since PEPs were first introduced to the market. We are very pleased to have them as the recordkeeper on this program.”

Power anticipates that this PEP will focus primarily on existing ERISA 403(b) plans in large charitable organizations and 501(c)(3) medical groups across the country.
“LeafHouse is honored to serve as the 3(38) Investment Manager for the Secure Retirement 403(b) Pooled Employer Plan,” added Todd Kading, CEO of LeafHouse Financial. “Working together with Voya and The Platinum 401k, Inc., we are providing our combined expertise and fiduciary oversight to the 403(b) market. This program is long overdue, and we are excited about bringing the new solution to nonprofit and healthcare workers.”