Standard Insurance Company (The Standard) announced the expansion of its pooled employer plan (PEP) capabilities with the introduction of an ERISA 403(b) PEP for nonprofit organizations.
With the launch of the new PEP, The Standard extends its 401(k) PEP leadership and expertise into the 403(b) market, giving nonprofit employers a pooled plan option that can help expand retirement plan access to this underserved sector.
“Nonprofit employers often face greater time, staffing and resource constraints than private-sector organizations, and the pressure to manage benefits costs continues to grow,” said Steve Chappell, assistant vice president of Retirement Plan sales at The Standard. “The Standard’s 403(b) PEP is designed to help ease these pressures by outsourcing key plan responsibilities. Advisors rely on our fully integrated PEP solution to help clients focus on their priorities while receiving the fiduciary management and administrative support needed to manage their retirement plans.”
The Standard has nearly $5 billion in PEP assets under management. Through a fully integrated approach, The Standard, as the pooled plan provider (PPP), is designated as the 402(a) named fiduciary and 3(16) administrative fiduciary and serves as the plan’s recordkeeper.
Structured this way, the PPP assumes most fiduciary oversight as well as handles administration and participant services in-house, which means key responsibilities are coordinated by one accountable organization.
Established under the SECURE Act, a PEP allows multiple unrelated employers to participate in a single retirement plan while delegating most administrative and fiduciary responsibilities to a pooled plan provider, and investment selection and monitoring to an investment manager. Research from The Standard shows that 83% of employers with a PEP are satisfied with the experience, citing simplified and streamlined plan management as the top benefit.
The preceding press release was provided by a company unaffiliated with NonProfit PRO. The views expressed within may not directly reflect the thoughts or opinions of the staff of NonProfit PRO.
