Vestwell Launches 2 Products for 401(k) TPAs

The products seek to help third-party administrators scale their small and midsize plans.

By DJ Shaw

Vestwell, the small business retirement plan provider and individual savings platform, has announced two product launches for third-party administrators. The first is a TPA partner product, Vestwell Flex, and the second is a new TPA portal.

Vestwell Flex provides small businesses and retirement plan advisers with a recordkeeping product that combines the Vestwell platform with the services of TPA partners. In tandem with Flex, the portal seeks to allow TPAs to scale their practices in the small and midsize 401(k) retirement plan market. 

In practice, Vestwell Flex provides bundled pricing and agreements while unbundling TPA services, according to the firm. These services are provided by firms such as Economic Group Pension Services, FuturePlan, MAP Retirement and TRA.

Under Vestwell Flex, Vestwell provides saver-level administration services including eligibility calculations, distributions, loan approvals, notice and electronic disclosure delivery. TPA partners handle plan design and consultation, and provide a streamlined Form 5500 sign-off process. Advisers and their small business clients select from a set of TPAs based on their needs. 

Vestwell’s TPA Portal supports plan design and setup, and offers insights needed to monitor and continue servicing a plan throughout its lifecycle.

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