Service Launches to Help Plan Advisers Evaluate PEPs, PPPs
PEP-RFP.com offers three levels of service, from access to a database about pooled plan providers and their pooled employer plans to a full request for proposals process.
RS Fiduciary Solutions, an independent Employee Retirement Income Security Act (ERISA) fiduciary consulting firm, has launched PEP-RFP.com, an online service to connect advisers and potential plan sponsors with registered pooled employer plans (PEPs).
The service is a comprehensive database of all pooled plan providers (PPPs) registered with the Department of Labor (DOL). The database also includes all PEPs sponsored by the PPPs.
Robb Smith, president, RS Fiduciary Solutions, says the first step he takes is to send PPPs registered with the DOL two requests for information (RFIs), one about the PPP itself and one about its PEP. He notes that some PPPs have registered for more than one PEP. There are about 46 PPPs registered currently.
The RFI for the PPP asks about the provider’s experience working with multiple employer plans (MEPs), what fiduciary and non-fiduciary services the PPP will offer to adopting employers, whether it has preferred or favored relationships with providers, and what the PPP’s process is for monitoring third-party service providers, among other things. The RFI for the PEP asks about plan features, such as automatic enrollment or automatic deferral escalation, and services provided, such as education and financial wellness programs, among other things.
The first step for plan sponsors or advisers using the program is to fill out a questionnaire about the most critical options plan sponsors want or need from the PEP, according to Smith. Then, PEP-RFP offers three levels of service.
For sponsors and advisers that are “do-it-yourselfers,” PEP-RFP DIY offers access to the site’s complete database of both PPPs and PEPs that are registered. “I think this is the one we’ll get the most traction from,” Smith says. “Plan sponsors or advisers can do a deep dive into the database, select PEP options themselves and schedule their own meetings.”
With the second option, PEP-RFP LITE, which is based on a fact-gathering questionnaire completed by the adopting employer that identifies important features and services required, PEP-RFP will in assist in narrowing potential PPP/PEP candidates to the best three options for the sponsor. Then, the sponsor and their adviser can schedule meetings and make the final decision, Smith says.
Smith notes that while the process of conducting an effective provider search for a single-employer plan is very involved, conducting one for a PEP can be even more daunting, as the plan sponsor must evaluate not only the PEP, but also the PPP, as well as any third-party service providers used. So PEP-RFP also offers a Full Scope product option.
According to the PEP-RFP website, Full Scope provides sponsors and their advisers with complete request for proposals (RFP) consulting services including:
Determining adopting employer needs;
Selecting the best qualified PPP/PEP candidates;
Conducting virtual PPP Q&A conference calls;
Assisting sponsors with the final selection process; and
Providing step-by-step documentation of the selection process.
Smith says there is no cost to PPPs to provide information for the database. Prices for plan sponsors and advisers range from $500 for 60 days of access to the database to $2,500 for LITE and $5,000 for Full Scope. Even those who only purchase access to the database may download it to have a record showing they have gone through the due diligence process for selecting a plan and provider.
For advisory firms, PEP-RFP is still working on contract terms for 24/7 access to the database for a year.
Smith’s firm, RS Fiduciary Solutions, is a provider of plan fiduciary audits, fiduciary training and consulting, so Smith says PEP-RFP will offer quarterly, semiannual and annual fiduciary report cards for the PEP selected by plan sponsors and their advisers. “It can be a basis for doing their ongoing monitoring of the PPP and PEP,” he says. “We will contact each PPP on a regular basis to see how they are doing, whether there have been changes made to PEPs and how many employers belong to the PEP.”
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Empower Retirement Selects Core Market Sales Director
Empower Retirement has appointed Kenneth J. Munro III as national sales director for the company’s core market segment.
Munro’s appointment, effective immediately, is to a new role that is in part the result of the core segment’s expansion following Empower’s recent acquisition of the MassMutual retirement plan business. The acquisition increased Empower’s participant base to more than 12 million and its retirement services recordkeeping assets to approximately $884 billion administered in approximately 67,000 workplace savings plans, as of Sept. 30.
The new role is designed to better align the core market segment to match the dynamics of the market and enhance Empower’s service to clients and advisers, says Empower Retirement Executive Vice President for Group Distribution & Operations Richard Linton.
“Ken is a dynamic leader who has been instrumental in helping to propel the growth of Empower’s core market through his ability to develop superior sales teams and deliver tangible results,” Linton says. “He is the consummate professional capable of building meaningful relationships and ultimately driving the best result for our clients.”
Munro, who joined Empower in 2006, will lead a team that includes regional vice presidents and sales professionals. Munro previously held the role of vice president for sales strategy and prior to that was a regional vice president where he covered the western United States. Munro will report to Joseph Smolen, senior vice president for Empower’s core market segment.
Previously, Munro worked at MetLife for 15 years. He holds a bachelor’s degree in mathematics and statistics from the University of Connecticut and a Master in Business Administration degree from Emory University. He currently maintains FINRA Series 6, 63 and 26 securities registrations.
OneDigital Investment Advisors Acquires Portion of Vertical Financial Group
OneDigital Investment Advisors has acquired three offices of Vertical Financial Group, a partnership of independent financial advisers specializing in retirement plan design and investment advisory services for companies and wealth management for individuals.
The advisers are located in St. Louis, Missouri; Overland Park, Kansas; and Chicago.
“Having Vertical Financial Group join OneDigital is an exceptional opportunity for our retirement and wealth division,” says Vince Morris, OneDigital’s retirement and wealth president. “Together, we will deliver a comprehensive portfolio of services and solutions that will greatly benefit our clients and the communities we serve.”
Vertical Financial Group’s partnering financial advisers, Laura T. Scobee, Brad Harris and Thomas H. Parker, will maintain their respective office locations and assume the title of senior vice president. Brett M. Dankowski, current adviser and director of client services, will join the firm under the new role of retirement plan consultant—managing client relations for qualified retirement and 401(k) plans.
Upon closing, Vertical Financial Group will operate under the registered investment advisory of OneDigital Investment Advisors.
New Partner Joins MKCI
McGivney, Kluger, Clark & Intoccia P.C. (MKCI) has announced Jose M. Jara as a partner at the firm.
Jara is a partner in MKCI’s New York City and Florham Park, New Jersey, offices and director of the firm’s Employee Retirement Income Security Act (ERISA) Department.
His practice focuses on ERISA and employment litigation and counseling and includes representing clients under investigation by the Department of Labor (DOL) and the Employee Benefits Security Administration (EBSA) and defending clients from lawsuits filed by the DOL’s Office of the Solicitor regarding civil and/or criminal violations of ERISA. Jara has defended plan fiduciaries and boards of directors against ERISA litigation alleging breach of fiduciary duty in connection with imprudent investments, excessive fees and delinquent employee contributions. In addition, he provides guidance to plan sponsors and fiduciaries on meeting their fiduciary responsibilities, plan fees and expenses, and ERISA’s prohibited transaction provisions.
Jara’s experience extends to advising his clients in a myriad of labor and employment issues such as sexual harassment and discrimination charges, retaliation, wrongful termination, restrictive covenants, grievances, arbitrations and collective bargaining. He also defends companies against DOL wage and hour investigations. Lastly, he provides interactive harassment training, conducts internal investigations and drafts employment and severance agreements.
Jara began his career as a federal investigator with the DOL and was a former complex claims director at a major insurance company.
In addition to his litigation experience, he is a member of MKCI’s Marketing Committee and is currently the vice chair of the Fiduciary Responsibility, Administration and Litigation Committee of the American Bar Association – Real Property, Trust and Estate Section.
DOL Appoints Leadership for 2021 Advisory Council
The U.S. Department of Labor (DOL) has appointed five members and leadership for the 2021 Advisory Council on Employee Welfare and Pension Benefit Plans, also known as the ERISA Advisory Council.
“The ERISA Advisory Council is an important resource for the Department of Labor,” says Principal Deputy Assistant Secretary for the Employee Benefits Security Administration (EBSA) Jeanne Klinefelter Wilson. “We look forward to the contributions of these talented new members and appreciate their willingness to serve.”
The 15-member council provides advice on policies and regulations affecting employee benefit plans governed by the Employee Retirement Income Security Act (ERISA). By law, members of the council serve for staggered three-year terms. Three members are representatives of employee organizations (at least one of whom represents an organization whose members are participants in a multiemployer plan). Three members are representatives of employers (at least one of whom represents employers maintaining or contributing to multiemployer plans). Three members are representatives of the general public. There is one representative each from the fields of insurance, corporate trust, actuarial counseling, investment counseling, investment management and accounting.
The appointees and the expertise they represent are:
Employers:
Megan Broderickis senior director for global retirement and financial well-being at PepsiCo. She leads PepsiCo’s strategy, design and governance for more than 120 retirement programs, and has more than 30 years of experience in compensation and benefits.
Corporate Trust:
Dave Gray is head of workplace retirement offerings and platforms at Fidelity Investments. He leads the Fidelity teams that develop and manage solutions and experiences for more than 24,000 plan sponsor clients and has more than 23 years of experience with the private retirement system.
General Public:
Mercedes D. Ikard is director of retirement planning for Atrium Health. She has more than 20 years of experience in the design, administration, implementation and communication of corporate benefit programs for large multilocation organizations.
Employee Organizations:
Anthony Marc Perrone is the international president of the United Food and Commercial Workers International Union (UFCW). He has more than 40 years of experience with employee organizations and serves as chairman of the UFCW’s Industry Pension Fund. Investment Management:
Edward A. Schwartz is president of Schwartz & Co., a registered investment adviser (RIA) and broker/dealer (B/D). He concentrates on serving ERISA-covered institutional retirement plans and has more than 29 years of experience in the investment field.
Council Leadership:
Current member Glenn Butash will serve as the chair of the 2021 council. Butash is managing counsel, U.S. compensation and benefits, at Nokia. He provides legal advice in connection with the design and operation of large, complex benefit plans as well as to Nokia’s plan administrators, fiduciary committees and in-house investment manager.
Current member James Haubrock will serve as the vice chair of the council. Haubrock is a shareholder with Clark Schaefer Hackett. He is a certified public accountant (CPA) with extensive experience in employee benefit plan audit services.
ICMA-RC Brings In New SVP and Chief Marketing Officer
ICMA-RC has announced that Sheri Gilchrist will serve as the company’s new senior vice president, chief marketing officer. Gilchrist will be responsible for expanding ICMA- RC’s marketing and brand strategy to create avenues for future growth, retention and mission-focused outcomes.
“With nearly 30 years’ experience, Sheri is an accomplished strategic marketing executive who brings a tremendous amount of financial services and investment experience to ICMA-RC, including a proven track record of leading global marketing strategies, building brand equity and expanding the delivery of industry-leading services to clients,” says Lynne Ford, CEO and President of ICMA-RC. “In addition, Sheri’s commitment to helping others build toward a secure retirement is extremely impressive, and I am excited to welcome her to the executive team.”
Gilchrist joins ICMA-RC from PGIM Investments, where she was global chief marketing officer, leading global marketing, communication strategies and content management operations for the retail distribution arm of the investment management business. Prior to Prudential, Gilchrist served as managing director, global head of marketing services for BNY Mellon, successfully leading strategies to expand and scale marketing and sales initiatives. Additionally, she has held executive leadership positions at Eaton Vance, Harte Hanks and American Express.
“I am really looking forward to playing a key role in amplifying ICMA-RC’s mission of helping those who serve their communities build retirement security,” Gilchrist says. “Joining ICMA-RC allows me to help deliver on that mission, especially during such a challenging period when it is more important than ever for people to have the resources they need to build a secure and confident financial future.”
