Vestwell expands retirement offerings for small, midsize businesses

Vestwell announced last week that it is building on its offerings for advisors who provide retirement plans for small and midsize businesses. The company has expanded its support for groups of plans and is rolling out new programs for multiple employer plans and pooled employer plans.

Vestwell offers a fully digital process that advisors and third-party administrators can use to set up retirement plans and manage multiple plans simultaneously. Plan options are available to both existing and new 401(k) plans. Vestwell’s MEP offering is designed to support professional employer organizations, associations, franchises, and small business affiliates.

The 2019 SECURE Act made it easier for unrelated small companies to participate in a common retirement plan via pooled employer plans and multiple employer plans, an approach that makes offering a retirement plan more affordable for small businesses. PEPs have also gotten a boost in recent years as states enacted auto-IRA measures that require smaller employers to provide retirement plans.

“We’re proud to expand our pooled and multiple employer plan solutions and offer advisors additional tools for serving the small plan market, delivering on the high level of inbound industry demand,” Richard Tatum, president of workplace savings at Vestwell, said in a statement.

[More: J.P. Morgan partners with Vestwell to expand 401(k) business]