Paychex, the large payroll services provider, will launch a pooled employer plan, or PEP, on Jan. 1, the first day the new plans can be provided under provisions of the SECURE Act.
As a pooled plan provider, Paychex will act as both plan sponsor and formal plan administrator, relieving employers — especially small to midsize businesses — of significant fiduciary and administrative burdens.
Businesses currently offering an employer-sponsored qualified retirement plan are able to merge their plan and assets into a pooled program to potentially save time and money, Paychex said in a release.
Mesirow Financial will serve as the 3(38) investment manager of the Paychex program and Mid Atlantic Trust Co. will serve as the trustee.
Meanwhile, Raymond James and Tritonpoint Partners separately welcomed father-son teams, including a breakaway from UBS in Missouri.
Paul Atkins has asked staff to solicit public comment on novel ETFs, pausing the clock on as many as 24 filings linked to the booming event contracts market.
From 401(k)s to retail funds, Deloitte sees private equity and credit crossing into mainstream investing on two fronts at once.
Big-name defections from Morgan Stanley, UBS, and Merrill Lynch headline a busy two weeks of recruiting for the wirehouse.
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