SageView Advisory Group acquires Retirement Benefits Group, the Virginia Retirement System Board of Trustees selects Voya Financial as its recordkeeper for defined contribution plans (DCP) beginning in 2025, and more.
SageView acquires Retirement Benefits Group
SageView Advisory Group (SageView) has acquired two of the founders and managing partners of Retirement Benefits Group (RBG) in San Diego, along with their team. The RBG team is an institutional retirement plan consulting group with $5.2 billion in assets under advisement (AUA), which also includes a growing wealth management business, representing $63 million in assets under management (AUM).
Retirement Benefits Group (RBG) Advisors Co-Founders Tony Franchimone and Larry Deatherage will become managing directors at SageView Advisory Group and will be joined by Retirement Plan Consultant Cory McCarthy, Wealth Advisor Winston Ventura and Client Services Associate Rachel Hall.
SageView advises on more than 1,900 DC, defined benefit (DB) and deferred compensation plans in addition to providing wealth management consulting services. The firm acquired MJM401k of Arizona and Southern California in 2021, Channel Financial of Minnesota and kPlans Investment Services Inc. of California last year.
The RBG acquisition is the ninth overall that SageView has announced since July 2021 and since it established a partnership with Aquiline Capital Partners, a financial services and technology-focused private equity firm.
The transaction is expected to close on June 30.
Virginia Retirement System Board of Trustees appoints Voya as recordkeeper
The Virginia Retirement System Board of Trustees has named Voya Financial to serve as the third-party recordkeeper for the VRS defined contribution plans (DC) beginning January 1, 2025, subject to final contract negotiations.
“VRS engaged in a comprehensive review of firms qualified to manage the evolving needs of more than 324,000 DCP participants who are preparing for retirement,” said VRS Director Patricia S. Bishop. “We believe Voya’s commitment to innovation, detailed knowledge of government plans and ability to provide exceptional service will lead to improved outcomes for VRS members as they prepare for their future and, ultimately, retirement.”
Following an expected 18-month transition period, Voya will assume recordkeeping responsibilities January 1, 2025, for VRS-sponsored DC plans including the Commonwealth of Virginia 457 Deferred Compensation Plan, the Virginia Cash Match Plan 401(a) and the defined contribution component of the Hybrid Retirement Plan. Voya will also serve as recordkeeper for VRS-sponsored optional retirement plans for political appointees and school superintendents, and as one of the provider choices for the optional plan for higher education.
“We are honored that the Virginia Retirement System has chosen Voya as the new third-party administrator providing record keeping and participant education services for their defined contribution plans,” said Doug Murray, SVP, wealth solutions distribution and client engagement for Voya Financial. “With a unique culture that is centered on meeting the needs of all our customers, at Voya we are committed to providing greater outcomes for our clients and their participants. With this as a focus guiding everything we do, we look forward to successfully growing our new relationship with the Virginia Retirement System by supporting their members on their financial journey to make a secure financial future possible.”
Serving the needs of 14.7 million individual, workplace and institutional clients, Voya currently provides retirement solutions to more than 3,700 government plans representing over $139 billion in assets and over 2.6 million participants.
HUB introduces HSA investment account
HUB Retirement and Private Wealth (HUB RPW), a division of Hub International Limited (HUB), is launching the HUB HSA Investment Account, set to provide HUB clients in the U.S. the opportunity to save pre-tax dollars for future qualified medical expenses and invest in HUB selected funds.
“There is a growing imbalance between the number of individuals saving for future healthcare expenses and the rising cost of healthcare in retirement,” said Joe DeNoyior, president of HUB RPW. “With HUB HSA Investment Account, we are helping individuals, employers and partners simplify health and financial wellness decisions and drive stronger retirement outcomes.”
HUB HSA Investment Account helps clients leverage the unique tax benefits of a health savings account (HSA) to plan for future healthcare expenses, which in turn will help to bridge the retirement healthcare savings gap.
HUB HSA Investment Account works in partnership with HSA Bank. The several registered investment advisory affiliates in HUB RPW provide investment advisory services to clients whose total assets are approximately $148 billion.
Employee Fiduciary launches 401(k) calculator for small businesses
Employee Fiduciary is launching its Small Business 401(k) Tax Credit Calculator. The tool is specifically designed to help small businesses efficiently calculate their potential savings and estimate their 401(k) plan costs by leveraging new SECURE 2.0 tax credits.
SECURE 2.0 legislation aims to make 401(k) plans more accessible and affordable for small businesses by offering a game-changing set of tax credits. These credits, including Startup Tax Credit, Employer Contribution Tax Credit, and Automatic Enrollment Tax Credit, can significantly reduce the out-of-pocket costs for small businesses starting a 401(k) plan.
“Our new 401(k) Tax Credit Calculator is a powerful tool for small businesses, making it easier than ever to estimate potential savings from these valuable tax credits,” says Eric Droblyen, CPC, QPA, president & CEO at Employee Fiduciary. “In a recent Pew Charitable Trust study, 71% of small businesses without a 401(k) plan today listed cost as a reason why. The new SECURE 2.0 tax credits can make the cost of a new plan more affordable than owners might imagine. Owners can see how affordable a plan can be with our calculator.”
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
