Fiduciary In A Box and Homa Health Launch AI-Powered ERISA Contract Review Tool

Fiduciary In A Box, the software-as-a-service platform for Employee Retirement Income Security Act health and retirement plan compliance, has announced a partnership with Homa Health, an artificial intelligence company.

The collaboration brings artificial intelligence to plan sponsors and fiduciaries, enabling automated contract reviews to ensure compliance with ERISA regulations and the Consolidated Appropriations Act of 2021.

Through this partnership, FIAB users can have their uploaded plan contracts reviewed by Homa’s advanced AI system. The resulting report provides an evaluation of compliance with federal requirements, including the prohibition of gag clauses under the CAA.

“With Homa Health’s cutting-edge technology, our users can identify and address non-compliance issues quickly and confidently, well in advance of their next Gag Clause Prohibition Compliance Attestation, due December 31,” Jamie Greenleaf, co-founder of Fiduciary In A Box, said in a statement.

Wespath Debuts Fossil-Fuel-Free Funds for Institutional Investors

Wespath Institutional Investments LLC announced the launch of two investment funds designed for institutional investors that want to exclude fossil fuel companies and certain securities associated with conflict-affected areas from their portfolios.

The new funds, the Social Values Choice Equity Fund – I Series and the Social Values Choice Bond Fund – I Series, are intended to provide faith-based and values-aligned nonprofit organizations—such as foundations, senior living communities and higher education institutions—with global equity and fixed-income investment exposure in ways that align with their values.

“We know investors have diverse perspectives on how to respond to complex challenges like climate change and areas of human conflict, and we want to provide investment options that resonate with their values,” Wespath Benefits and Investments CEO Andy Hendren said in a statement.

SVCEF-I is a passively managed equity fund investing in broad-market companies in the U.S. and other developed countries. SVCBF-I is an actively managed fixed-income fund with allocations to U.S. and international bond markets. Wespath engaged external asset management firms Xponance and PIMCO to serve as subadvisors for SVCEF-I and SVCBF-I, respectively.

Payroll Integrations Automates SECURE 2.0 Compliance

Payroll Integrations Inc., a technology company offering benefit automation, announced its work with U.S. employers to expedite their compliance with the SECURE 2.0 Act of 2022. Payroll Integrations has pre-built integrations with ADP, Quickbooks Online, Paychex, Empower and Transamerica.

The company’s platform prepares companies for compliance with the new 2025 requirements under SECURE 2.0, including automatic enrollment in new retirement plans. Through Payroll Integrations, employers can connect their retirement offerings with their payroll platform to automate retirement enrollment, eligibility checks and contributions for employees in minutes.

Some of the biggest changes in SECURE 2.0 that employers must comply with will go into effect on January 1, 2025. This includes the automatic enrollment of employees into new retirement plans at a minimum of 3% of their salary, higher catch-up contribution limits, the ability to offer student loan payment matching and updates to long-term, part-time worker retirement eligibility.

“We’re making it easy for employers to comply with SECURE 2.0 requirements and do so quickly as we head into 2025, so they can direct their time and focus on employees’ financial wellness,” Doug Sabella, CEO and co-founder of Payroll Integrations, said in a statement.

Voya Financial, Orion Announce Technology Platform for Financial Professionals

Voya Financial Inc. announced that it is collaborating with Orion, a provider of wealth technology solutions for financial professionals, to launch an enhanced technology platform for its Voya Financial Advisors business.

Voya WealthPath will provide VFA’s financial professionals in-plan and retail and advisory solutions, including financial planning and client relationship management tools. The new platform offers a more efficient experience for the firm’s network of financial professionals to better manage their business.

Enhancements include new retail brokerage and advisory account opening processes, integration of data, and improved tracking of client interaction.

“Over the past several years, Voya has delivered on our mission and vision of serving our clients, and the financial professionals we work with while continuing to meet the evolving health, wealth and investment needs of our customers and their participants,” Jonathan Reilly, president of Voya Financial Advisors, said in a statement.

BNY, Conduent to Deliver End-to-End Pension Risk Transfer Solution

The Bank of New York Mellon Corp., a global financial services company, and Conduent Inc., a global technology-led business solutions and services company, announced a partnership to connect insurers and pension acquirers with end-to-end pension risk transfer services in one place.

“Companies and their insurers or pension acquirers can reduce liabilities, risks and administration costs while Conduent and BNY provide stellar support to plan participants,” John Larson, vice president of total benefits at Conduent, said in a statement. 

The solution combines BNY’s global payments and cash management capabilities with Conduent’s records maintenance for pension accounts, managing transaction data and ability to provide customer service for pension members.

“By drawing on BNY’s platform infrastructure for payments and cash management services, and Conduent’s integrated administration expertise, we are able to deliver a unified, end-to-end package that supports clients through every stage of the pension risk transfer lifecycle,” Carl Slabicki, BNY Treasury Services’ co-head of global payments, said in a statement.