Pentegra announced the expansion of its ERISA 403(b) multiple employer plan (MEP), America’s 403(b) MEP, making it available to sell and distribute via advisers nationwide.
The MEP is designed to streamline 403(b) plan administration, save time, money and reduce the fiduciary responsibilities that come with managing a 403(b) retirement plan subject to the Employee Retirement Income Security Act (ERISA). The program offers an array of plan services, fiduciary relief, a sophisticated investment platform, and participant advice to offer clients a seamless retirement plan solution. The expanded distribution of the program seeks to take advantage of the Department of Labor (DOL)’s recent focus on expanding MEP coverage.
According to Senior Vice President and National Sales Director Pete Swisher, “For many organizations, offering a retirement plan can be costly and complicated. The America’s 403(b) MEP offers advisers a simple solution for their clients. The platform streamlines plan operations and reduces administrative responsibilities. Working with our valued adviser partners, our goal is to deliver solutions that make retirement plans accessible for all employers, drive plan success and ultimately, participant retirement readiness.”
Under the program, 403(b) plan sponsors can outsource responsibility for the fiduciary liability that comes with managing a retirement plan. The role of the named fiduciary, trustee, administrator and investment manager are outsourced to professionals—Pentegra and its partner advisory firms. The sponsor’s name comes off of the Form 5500 and plan document, and nearly all legal liability is transferred to institutional fiduciaries, expert in the governance and oversight of retirement plans.
To learn more about the America’s 403(b) MEP, contact the Pentegra Solutions Center at firstname.lastname@example.org or 855-549-6689.