PlanMember Financial Corp., a broker-dealer that specializes in retirement plans for school districts and nonprofits, is teaming up with record keeper Newport Group Inc. to offer the PlanMember Pooled Employer Plan.
Newport will serve as the PEP provider and PlanMember will supply 3(38) fiduciary investment services.
The companies’ combined platform provides record keeping for more than $150 billion in assets for more than 1.7 million plan participants.
There have been a number of announcements of new pooled employer plans recently. PEPs, which are meant to expand access to retirement plans to the many workers who currently don’t have access, were authorized by the SECURE Act. The Department of Labor allowed providers to launch PEPs starting on Jan. 1.
Fueled by a recent shot in the arm from private equity firm Carlyle, MAI adds a $490 million Atlanta RIA as it keeps building out its national footprint.
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With experience from Goldman Sachs and TD Ameritrade, the RIA's newest SVP hire adds to a recent wave of executive departures from hybrid Osaic.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
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