PlanMember Monetary Corp., a broker-dealer that focuses on retirement plans for college districts and nonprofits, is teaming up with record keeper Newport Group Inc. to supply the PlanMember Pooled Employer Plan.
Newport will function the PEP supplier and PlanMember will provide 3(38) fiduciary funding providers.
The businesses’ mixed platform offers report conserving for greater than $150 billion in belongings for greater than 1.7 million plan individuals.
There have been various announcements of new pooled employer plans just lately. PEPs, which are supposed to increase entry to retirement plans to the various staff who presently don’t have entry, have been licensed by the SECURE Act. The Division of Labor allowed suppliers to launch PEPs beginning on Jan. 1.