FuturePlan by Ascensus announced Friday that it's introducing a new employer aggregated plan, called FuturePlan EAP, in collaboration with Voya Financial.
The third-party administrator of retirement plans said the solution offers employers the ability to “ease administrative burdens and limit fiduciary risk while providing retirement plan access to more savers.” Voya will serve as record keeper for the new service, while FuturePlan will serve as the TPA and 3(16) service provider, and LeafHouse will provide 3(38) services, according to the company.
FuturePlan EAP is intended to enhance plan onboarding and administration, while offering plans with less than 10 participants the ability to deal with fewer decision points to get their participants up and running quickly. Ascensus began building FuturePlan in 2010, bringing together more than 30 retirement TPA firms.
"We’re excited to expand upon our successful relationship with Voya to deliver this affordable retirement plan option to an even broader group of plan sponsors and participants,” Kasey Price, president of FuturePlan, said in a statement. “Everyone should have the opportunity to participate in a high-quality, well-managed retirement plan that offers the flexibility, protection, and value that savers want and deserve.”
Participants with unique retirement needs will also be able to utilize Voya's target-date solution MyCompass Index.
“We are thrilled to be collaborating with the FuturePlan team on this new aggregation program,” Ralph DelSesto, head of TPA and broker-dealer distribution and support strategy at Voya Financial, said in the release. “As a leading provider across several markets, Voya has the breadth, scale, and resources to meet the needs of employers of all sizes. We look forward to working together with FuturePlan to bring to market a retirement program with expanded benefits and features that can ultimately help provide positive outcomes for all.”
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