Willis Towers Watson announced this week that it’s launching a pooled employer plan in the U.S., following its offerings of similar plans in the U.K. and Europe.
Willis Towers said Transamerica will serve as record keeper and administrator for the pooled employer plan, LifeSight PEP.
Pooled employer plans are designed to be used by smaller companies and aim to simplify the work employers have to do to provide a defined-contribution retirement plan for their workers. Willis Towers Watson notes that the LifeSight Pep will make use of many of the services it already provides to employers, such as plan design, governance, investments, outsourced chief investment officer and administration.
“The LifeSight PEP will allow employers to offer a market leading defined contribution plan and employee experience with limited demand on their internal resources, enabling greater focus on strategy and core business,” Michele Brennan, LifeSight U.S. business leader at Willis Towers Watson, said in a statement.
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