Mesirow Financial has announced that the Mesirow Retirement Advisory Services (RAS) group is partnering with Newport Group to offer a new pooled employer plan (PEP) in 2021.
The PEP will enable small to mid-sized employers to “pool” their retirement plans. Mesirow says the collective purchasing power of the PEP reduces cost and enhances services for its members, providing a 401(k) experience comparable to some of the largest companies in the country. The PEP will also enable plan sponsors to more effectively manage fiduciary risk and outsource plan operations, often at a lower cost than a traditional 401(k) plan.
Mesirow says its RAS professionals are well positioned to bring a PEP solution to market, as they have been consulting on multiple employer plans (MEPs), a similar type of pooled plan vehicle, since 2011. The group also has expertise in driving successful participant outcomes, launching my FinancialFuture, a proprietary personal financial advice program, in 2019 to help participants achieve financial wellness.
Newport offers plan administration, recordkeeping and trust services.
“We are thrilled we will have a robust and affordable solution to offer to retirement plan sponsors that adds to the depth, breadth and reach of our business,” says David Dermenjian, president of Mesirow Retirement Advisory Services.