Operational fiduciary firm Group Plan Systems (GPS), started by ERISA and pooled plan experts Jason Roberts and Pete Swisher, launched its first pooled employer plan (PEP). The company said it signed an agreement with JULY Business Services to serve as recordkeeper and third-party administrator to a PEP for which GPS will serve as the Pooled Plan Provider (PPP).
“After nearly 18 months of due diligence, we are eager to launch our first PEP with JULY,” Pete Swisher, a Managing Partner of GPS, said in a statement. “We are confident that their compliance infrastructure and operations are well-designed and will provide a solid foundation from which GPS can oversee plan operations in a prudent manner.”
While GPS’ first PEP is constructed to focus on serving start-up and small plans, “we have a lot of interest from banks, broker-dealers and investment advisers that are developing group solutions for all clients—large and small,” Roberts added. “Consequently, this is the first of many PEPs we will be sponsoring, but a key differentiator with all of them is that employers retain the exclusive right to hire investment professionals of their choosing.”
He said they have no interest in hiring or firing 3(38) managers, and carefully engineered the plan documents to put that duty solely in the hands of each employer, which is consistent with the letter and spirit of the SECURE Act.
GPS, officially formed in August 2021, is a partnership between Pension Resource Institute (PRI) and Waypoint Fiduciary (Waypoint), founded by Roberts and Swisher, respectively.
“After working with JULY on our group plan solution, I came away extremely impressed by their process, technology, knowledge, and most importantly, the people,” Swisher said. “They are highly committed to delivering for the plan participants and employers they serve.”
GPS provides independent fiduciary oversight that allows recordkeepers, TPAs, and financial institutions to serve retirement plans with confidence and at scale.
More information is found at www.groupplansystems.com or via email at info@groupplansystems.com.
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.