PLANADVISER - November/December 2020 - 32
servicing strategies
Expanded Plan Access
The opportunities for advisers, in pooled employer plans
A
t the end of last year, all eyes were on the Setting
Every Community Up for Retirement Enhancement
(SECURE) Act and its authorization of a new type
of retirement savings vehicle, the pooled employer plan
(PEP). Although similar in structure to multiple employer
plans (MEPs), PEPs are different in that they remove the
common nexus requirement and the " one bad apple " rule
that disqualifies the entire plan over the actions of one
employer. They also must be administered by an approved
entity, called a pooled plan provider (PPP).
As we near the end of 2020, all eyes are again on the
rule, as companies release plans for their PEP offerings.
PEPs may start operating this coming January 1, but their
PPPs must first register with the secretary of Labor and the
secretary of the Treasury at least 30 days prior, requirements
having been released by the Department of Labor
(DOL) in mid-November.
It is no surprise that the retirement plan industry foresees
great possibilities for these plans-notably for small to
midsize plans sponsors. Some insiders say they expect, in
time, that many such plans will join a PEP. " PEPs won't take
over the small plan universe, but this is big, " says Pete Swisher,
president of Waypoint Fiduciary in Versailles, Kentucky.
Daniel Milan, managing partner of Cornerstone Financial
Services in Detroit calls the new PEPs a " game-changer "
for smaller employers. " These modifications [to MEPs] are so
powerful that they completely change the quality and access
for small businesses in regard to offering 401(k) plans. "
To offer PEPs, advisory and consulting groups have been
creating partnerships with recordkeepers and third-party
administrator (TPA) firms. In August, Lockton announced
plans to launch a series of PEPs, initially in the Northeast
and then nationally. For the Lockton Northeast (NE) Series
PEP, Transamerica will be plan recordkeeper, Pinnacle, a
Northeast Professional Planning Group (NPPG) company,
will serve as the TPA, and NPPG Fiduciary Services as
the pooled plan provider. Other firms have made similar
announcements:
The Mesirow Retirement
Advisory
32 | planadviser.com November-December 2020
Art by Yogee Chandrasekaran
http://www.planadviser.com
PLANADVISER - November/December 2020
Table of Contents for the Digital Edition of PLANADVISER - November/December 2020
Value Judgement
2020 PLANADVISER Practice Benchmarking Survey
Retirement-Plus
Client Onboarding
Expanding Plan Access
Sequence of Return Risk
The DOL's Latest Proposed PTE
Are You a QPAM?
PLANADVISER - November/December 2020 - Cover1
PLANADVISER - November/December 2020 - Cover2
PLANADVISER - November/December 2020 - 1
PLANADVISER - November/December 2020 - 2
PLANADVISER - November/December 2020 - 3
PLANADVISER - November/December 2020 - 4
PLANADVISER - November/December 2020 - 5
PLANADVISER - November/December 2020 - 6
PLANADVISER - November/December 2020 - 7
PLANADVISER - November/December 2020 - 8
PLANADVISER - November/December 2020 - 9
PLANADVISER - November/December 2020 - 10
PLANADVISER - November/December 2020 - 11
PLANADVISER - November/December 2020 - 12
PLANADVISER - November/December 2020 - 13
PLANADVISER - November/December 2020 - Value Judgement
PLANADVISER - November/December 2020 - 15
PLANADVISER - November/December 2020 - 16
PLANADVISER - November/December 2020 - 17
PLANADVISER - November/December 2020 - 2020 PLANADVISER Practice Benchmarking Survey
PLANADVISER - November/December 2020 - 19
PLANADVISER - November/December 2020 - 20
PLANADVISER - November/December 2020 - 21
PLANADVISER - November/December 2020 - 22
PLANADVISER - November/December 2020 - 23
PLANADVISER - November/December 2020 - 24
PLANADVISER - November/December 2020 - 25
PLANADVISER - November/December 2020 - Retirement-Plus
PLANADVISER - November/December 2020 - 27
PLANADVISER - November/December 2020 - 28
PLANADVISER - November/December 2020 - 29
PLANADVISER - November/December 2020 - Client Onboarding
PLANADVISER - November/December 2020 - 31
PLANADVISER - November/December 2020 - Expanding Plan Access
PLANADVISER - November/December 2020 - 33
PLANADVISER - November/December 2020 - Sequence of Return Risk
PLANADVISER - November/December 2020 - 35
PLANADVISER - November/December 2020 - 36
PLANADVISER - November/December 2020 - 37
PLANADVISER - November/December 2020 - The DOL's Latest Proposed PTE
PLANADVISER - November/December 2020 - Are You a QPAM?
PLANADVISER - November/December 2020 - 40
PLANADVISER - November/December 2020 - Cover3
PLANADVISER - November/December 2020 - Cover4
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