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.
Smart says it supports advisers of all sizes and that its platform also facilitates the use of lifetime income in retirement plans.
The SECURE Act allows pooled plan providers to start operating pooled employer plans beginning on January 1, 2021, but providers must register before operations can begin.
The launch will be available to clients in the Northeast and extend nationally over the course of several months.
The most obvious potential conflict of interest for advisers setting up or serving pooled employer plans is if their practice is affiliated with the investments being selected—but there are other potential pitfalls to acknowledge.
Aon has announced the launch of a new pooled employer plan (PEP) to be recordkept by Voya.
Bradford P. Campbell, with Drinker Biddle, recently discussed specific requirements for open MEPs, now called pooled employer plans (PEPs), included in the SECURE Act.