Minneapolis-based Ceridian Corporation, a provider of managed human resource, employee benefits administration, tax filing and payroll outsourcing solutions, has partnered with Portland, Oregon-based recordkeeper Invest n Retire, LLC (INR) to offer 401(k) services.
In what was described as Ceridian and Invest n Retire’s “first joint project”, the firms will provide services to the National Retirement Security Plan (NRSP), a multiple employer plan. Invest n Retire will provide recordkeeping services for NRSP and Ceridian will provide payroll services for each employer that joins NRSP.
Childrey Investment Partners, LLC, an ERISA 3(38) investment fiduciary, has designed age-based model portfolios for the participants using Vanguard exchange traded funds (ETFs).
According to the announcement, the NRSP allows employers to “radically simplify the day-to-day operations for their company’s retirement plan,” noting that “instead of continuing to bear the inherent responsibilities and liability for running the plan; hiring service providers; and choosing the investment options, an employer may simply off-load these duties (and the liability) by joining the NRSP”. According to a press release, the program’s total cost is 98 basis points, including the cost for the investment options.