Several major retirement plan service providers are diving into the pooled employer plan market with high hopes that small and midsize employers will jump in, too.
Pooled employers plans, or PEPs, were established under the Setting Every Community Up for Retirement Enhancement Act last year and go live Jan. 1. PEPs make it easier for employers in unrelated businesses to join a collective or pooled retirement plan for their workforces, with the intention that companies will be able to reduce administrative burdens and lower retirement plan costs through economies of scale as well as attract employers that currently do not offer plans.
Smart is a global savings and investments technology provider. Its mission is to transform retirement, savings, and financial well-being, across all generations, around the world.
Smart partners with financial institutions (including broker-dealers, RIAs, retirement providers, insurers, asset managers, banks) and financial advisers to deliver retirement savings and income solutions that are digital, customized, and cost-efficient.
Smart, founded in the UK, operates in the USA, Europe, Australia, and the Middle East with over a million savers and over $5 billion in assets. Smart saw over 2,000% growth in assets on its platform since 2018.
Legal & General, J.P. Morgan, Fidelity International Strategic Ventures, Link Group, Barclays, Natixis Investment Managers, Chrysalis Investments, DWS Group and Aquiline Capital Partners are all investors to date in Smart.
For more information, please visit www.smartretire.com.
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