The latest to jump into the PEP pool is Columbus, Ohio-based Strive Asset Management, which announced Thursday the launch of a new 401(k) pooled employer plan for small- to mid-size businesses.
In partnership with Ameritas retirement plans, the Strive Pooled Employer Plan allows employers to offer a customized 401(k) plan specific to their company’s needs while allowing their employees to enjoy Strive’s investment philosophy of prioritizing shareholder value maximization, the company said in a press release.
“Currently, most workers can’t select an asset manager committed to shareholder primacy in their 401(k) program, and that ultimately costs the hardworking everyday American who is trying to save for retirement.”
Matt Cole, Strive CEO & CIO
As states increasingly pass legislation mandating that businesses provide retirement benefits—in a landscape where only one-third of small businesses currently offer a retirement solution—the company said the Strive PEP emerges as an alternative to proposed state-sponsored plans and more costly traditional single employer 401(k) plans, giving businesses small and large a solution that is unapologetically pro-fiduciary and competitive with plans offered by large corporations.
“America is in a savings and retirement crisis. The average American only has a little over $100,000 in their 401(k) accounts,” said Matt Cole, Strive CEO & CIO, citing early 2023 data from Fidelity Investments. “Currently, most workers can’t select an asset manager committed to shareholder primacy in their 401(k) program, and that ultimately costs the hardworking everyday American who is trying to save for retirement. Asset managers pursuing stakeholder capitalism across corporate America with the retirement savings of everyday citizens is not just a fiduciary duty issue, it’s also something this country can’t afford.”
In addition to Ameritas, who brings over two decades of pooled plan arrangement management, the Strive PEP is supported by retirement industry service providers. FiduciaryxChange—a set of services offered by AmericanTCS Fiduciary services LLC—will be serving as the pooled plan provider, while Traphagen CPAs and Wealth Advisors—a financial services leader for over 50 years—will serve as the plan’s 3(38) investment fiduciary.
“Ameritas is proud to partner with Strive to offer an efficient 401(k) solution tailored to the needs of small-to-mid-sized businesses,” said Jim Kais, executive vice president, Ameritas retirement plans. “We believe this market is severely underserved and the Strive PEP will help improve access to 401(k) benefits for countless new plan participants.”
For more information visit strive.com/401k.
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• The Standard Selected to Roll Out intelli(k) PEP from intellicents
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.
