The objective of the new pooled employer plan will be to create as close to a complete environmental, social and governance investment lineup as possible.
The Direct Fiduciary program aims to allow companies to significantly reduce the amount of time spent managing an individual 401(k) plan by outsourcing administrative and investment fiduciary responsibilities.
The introduction of the Improving Access to Retirement Savings Act could be a key step toward eventual passage of retirement reforms that build on the momentum of the SECURE Act.
It focuses on MEPs, PEPs and aggregation programs.
The markup hearing, punctuated by a unanimous vote to advance the legislation, demonstrated that retirement security issues are capable of bringing together members of Congress who don’t agree on much else.
Sources say the House Ways and Means Committee will likely vote to advance the Securing a Strong Retirement Act of 2021, often called a follow-up to the SECURE Act, as soon as tomorrow afternoon.
While there is still a learning curve when it comes to advisers understanding their role in the pooled employer plan marketplace, providers entering the space say the future is bright.
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.
The firm says the new PEP features higher contribution limits relative to CalSavers.
The pooled employer plan that will launch in 2021 is for small and mid-sized employers.
The consultant has selected Empower Retirement as a recordkeeper for its outsourced 401(k) solution as well as for the intended pooled employer plan.
Lockton announced in August that its new outsourced administrative responsibilities (OAR) practice will make PEPs the first order of business.