The first 403(b) Pooled Employer Plan to the market following the SECURE 2.0 legislation is being launched by The Platinum 401k, Inc., a Clearwater, Fla.-based fee for service third party administration firm and ERISA 3(16) Plan Administrator.
Voya Financial, Inc. announced today that it will serve as the recordkeeper for the new Secure Retirement 403(b) Pooled Employer Plan (PEP), created in response to SECURE 2.0 and designed to provide a pooled plan option specifically to 501(c)(3) nonprofit organizations and healthcare related entities, broadening retirement plan access for employees within these industries.
SECURE 2.0 permits 403(b) plans subject to the Employee Retirement Income Security Act (ERISA) to maintain a PEP.
“We’re delighted to be the first to market with the first 403(b) Pooled Employer Plan,” said Terrance Power, CEO, The Platinum 401k, Inc. “Voya has developed a great reputation as a leading recordkeeper in the pooled employer plan space, in a short period of time since PEPs were first introduced to the market. We are very pleased to have them as the recordkeeper on this program. We anticipate this PEP will focus primarily on existing ERISA 403(b) plans in large charitable organizations and 501(c)(3) medical groups across the country.”
“We are thrilled to be part of the first 403(b) PEP in the market,” said Brodie Wood, SVP and national practice leader, Healthcare, Education and NFP markets, Voya Financial. “With the combination of PEPs growing in prominence over the past few years and the opportunity to permit 403(b) plans to maintain a PEP, we see even greater opportunities to provide employees within education, health care and other tax-exempt entities with greater access to retirement savings capabilities, and ultimately providing an opportunity for improved outcomes.”
“This program is long overdue, and we are excited about bringing the new solution to nonprofit and healthcare workers.”
LeafHouse’s Todd Kading
The new PEP, which is focused primarily on distribution through both retirement plan and independent financial advisors, will deliver retirement plan services to clients in collaboration with LeafHouse Financial as the ERISA 3(38) Investment Manager; Plan Compliance Services, Inc., an affiliate of The Platinum 401k, Inc., as the ERISA 3(16) plan administrator and Pooled Plan Provider; and Voya serving as the plan recordkeeper.
“LeafHouse is honored to serve as the 3(38) Investment Manager for the Secure Retirement 403(b) Pooled Employer Plan,” added Todd Kading, CEO, LeafHouse Financial. “Working together with Voya and The Platinum 401k, Inc., we are providing our combined expertise and fiduciary oversight to the 403(b) market. This program is long overdue, and we are excited about bringing the new solution to nonprofit and healthcare workers.”
SEE ALSO:
• GAO Asks DOL to Focus on 403(b) Plans
• House Financial Services Committee Passes Bill Approving CITs in 403(b)s
• Expanding the Reach of Your Practice with 403(b) Plans
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
