PlanMember Financial and Newport Group launch PEP

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.

[More: 401(k) record keepers near final stage of ‘consolidation curve’]

Related Topics: Pooled employer plans, Record Keepers, Retirement Plan Advisers, SECURE Act