Alera Group today announced a new partnership with The Standard in offering its three-year-old Alera Group Pooled Employer Plan (PEP).
The Standard will serve as the pooled plan provider and ERISA 3(16) fiduciary, while Alera Group provides ERISA 3(38) investment management and consulting services.
“Alera Group was an early believer in the potential for PEPs to serve our clients,” said Christian Mango, executive vice president and national practice leader for Alera Group’s Retirement Plan Services division. “The success of the Alera PEP has surpassed all expectations, and we believe we can make it even better by creating efficiencies across our retirement plan services platform at a time when interest in and adoption of PEPs has been growing. These solutions are resonating with our plan sponsor clients across plan-size segments.”
“Industry leaders like Alera Group have great insight into the needs of their clients, and we feel fortunate to collaborate with them and help them execute on their mission,” added Steve Chappell, vice president of retirement plan sales distribution for The Standard. “Not all PEPs are created equal, but we’ve found a sweet spot in structuring our PEPs to meet the unique needs of industry leading firms like Alera Group, while delivering the white-glove service experience their clients demand.”
Alera Group’s Retirement Plan Services division’s business strategy emphasizes serving plans up and down the size spectrum, noted Mango in a release announcing the collaboration. “We see tremendous opportunity to provide scaled retirement solutions both externally and internally here at Alera Group across our Insurance and Employee Benefits client base,” he emphasized.
The news comes as Alera Group recently announced a different partnership with Vestwell, in launching a workplace retirement plan solution designed for organizations with fewer than 100 employees. Before that, in December 2023, Alera Group announced it would be acquiring Scottsdale, Arizona-based retirement consulting practice Fraser Group.
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