Products August 16, 2023

Adviser Product Partnerships

Asure taps Vestwell to offer clients 401(k) benefit; NFP hires Ascend for insurance billing platform; NAIC and U.S. Bancorp partner to increase diversity among alternative asset managers; and more.

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Workplace Software Manager Asure Taps Vestwell for 401(k) Plan Offering

Asure Software, a workplace software and human resources management provider, has partnered with 401(k) plan provider Vestwell on a retirement plan offering for Asure clients.

The Asure 401(k) plan will be run with Vestwell’s recordkeeping technology to offer small and mid-sized businesses with a workplace savings program.

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“The Asure 401(k) plan will not only enable our clients to secure their future but also assist in attracting and retaining the best talent, a critical factor for growth,” Pat Goepel, CEO of Asure Software, said in a statement. “Furthermore, we are excited to be able to help businesses navigate state-mandated retirement plans, as well as the tax credit opportunities afforded by the Secure Act 2.0.”

The Asure 401(k) plan will be available to Asure clients in the “very near future,” according to an announcement.

“It’s an absolute pleasure to partner with Asure, who shares our commitment to delivering value-add impact to their clients and users,” Aaron Schumm, founder and CEO of Vestwell, said in a statement.

NFP Partners With Ascend on Insurance Billing Platform

Insurance, retirement, and benefits consultant NFP has agreed to partner with financial operations provider Ascend on its automated billing platform.

The agreement gives NFP insurance clients access to an automated financing, collections, and payables system designed to streamline premium collection, premium financing, and carrier payables, according to an announcement.

“Our engagement with NFP is a significant step towards achieving our goal of modernizing the financial infrastructure of the insurance industry,” Andrew Wynn, Co-CEO of Ascend, said in a statement. “We are committed to delivering a best-in-class experience to NFP and their clients by enhancing the speed and efficiency for managing their accounting and payments workflows.”

Ascend’s technology seeks to cut down on workflow and provide transparency to payment processing and enable insurance organizations to be more profitable, according to the company. NFP, a property and casualty broker, has more than 8,000 employees.

NAIC and U.S. Bancorp Partner to Boost Investment in Diverse-Owned Alternative Managers

 The National Association of Investment Companies, a network of diverse-owned alternative investment firms, and U.S. Bancorp Impact Finance have entered a three-year agreement with the goal of boosting engagement and investment with diverse alternative asset managers.

U.S. Bankcorp’s Impact Finance funding will have a specific focus on Black and Latinx-led managers, according to an announcement. The work will include “customized programming,” diverse manager roadshows, and direct introductions to potential clients.

“By supporting NAIC’s programs and initiatives, Impact Finance will help our members build meaningful relationships with capital allocators and empower the next generation of ethnically diverse and female general partners,” Robert L. Greene, president & CEO of NAIC, said in a statement.

Impact Finance will sponsor NAIC’s annual Establishing the Next Generation of Alternative Investment Firms Symposia, a series of virtual sessions. It will also fund the NAIC virtual LP Meetup, which facilitates connections for NAIC member firms with institutional investors.

“We are committed to supporting diverse-owned alternative investment managers,” Torrence Moore, head of access to capital and DEI, U.S. Bancorp Impact Finance, said in a statement. “NAIC’s membership and programming will help us invest in their success as we look forward to playing a role in increasing their opportunities and making access to capital more equitable.”

OneAmerica, Ensight Partner On Long-Term Care Program for Advisers

 OneAmerica and long-term care and annuity sales provider Ensight are partnering on a long-term-care planning program for advisers to enable  informed conversations with their clients on options.

The Asset Care Sales Story is designed to help advisers have long-term care conversations with clients to get them to consider appropriate options.

“It’s very clear that clients expect to be having conversations about LTC with their financial advisers, but that’s not happening enough,” Jeff Levin, vice president, Care Solutions Distribution at OneAmerica, said in a statement. “By leveraging Ensight’s sales story platform, more people will receive the information they need to make an informed and educated decision regarding LTC planning and be financially secure in their future.”

The new Ensight-based Asset Care Sales Story experience was scheduled to be available to OneAmerica distribution partners on Aug. 14.

 

Products August 15, 2023

Maine, Colorado to Partner On State-Sponsored Auto IRA

Maine will join Colorado’s state-sponsored employer retirement plan to reduce costs for savers in both states.

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Maine will partner with Colorado on its already established state-sponsored automatic retirement savings program for private-sector workers to provide the smaller state of Maine with a ready-made plan while reducing costs for both programs, the states announced Tuesday.

The Maine Retirement Investment Trust will join the already existing Colorado Secure Savings Program’s automatic workplace retirement savings program for the first such partnership in the country, according to the announcement. Small plan provider Vestwell is the administrator, in partnership with BNY Mellon, for the savings program that will now serve both states.

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“I’m proud to see Colorado leading the nation on this,” said Colorado Treasurer Dave Young in a statement. “Partnerships increase the number of Americans saving for retirement, while decreasing fees….[and] helping states with smaller populations offer a cost-friendly, state-run retirement program option for workers who don’t have access to one at work.”

Each program will operate independently, but share responsibilities for governance, a Colorado spokesperson wrote in an emailed response.

“Each will benefit from the economies of scale, including lower costs for participants,” she said. “Colorado is the lead state, and developed this framework to ensure smaller population states have a high quality option for savers in their states, while reducing costs for Colorado and Maine savers.”

Colorado’s state legislature mandated retirement plan uptake in 2020, with the state-sponsored program available to employers starting this year. Maine’s legislature passed its retirement plan mandate in 2021, with its state-sponsored plan being available in January 2024. The retirement plan is tied to the employee, not the employer, so it is portable should a worker change jobs.

More than 200,000 Maine workers do not have access to retirement savings through their workplace, according to data from the state. The state’s MERIT program, if provided by an employer, will automatically enroll employees in a Roth IRA account unless they opt out.

“Workers in every state want a free and easy way to save so they can retire with dignity,” said Maine Treasurer Henry Beckin a statement. “Partnering with Colorado we will share costs, create scale, and tailor a retirement savings program to meet the needs of Mainers.”

The Colorado plan currently has 12,000 employers signed up and almost $12 million in assets, with a deadline of December 31 for businesses to decide to either offer an employer-sponsored plan or enroll in the state’s plan. The states did not provide details of how much participants will save from the partnership.

Maine employers with five or more workers must offer a qualified retirement savings plan, including the state’s MERIT program, for their employees beginning in January 2024.

The two states signed the Interstate Adhesion Agreement on August 11, according to the announcement, which they said is the first of its kind in the nation.

In 2021, Colorado announced a multi-state IRA program with New Mexico to share program administration duties and fees, according to an announcement at the time. That program, however, is pending amendments by New Mexico’s legislature ahead of implementation, according to the Colorado spokesperson.

“We will gladly partner with New Mexico once it is,” implemented, the spokesperson wrote via email.

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