New plan type allows employers to band together to create a single 401(k) plan for their respective employees
September 12, 2023 09:00 AM Eastern Daylight Time–PORTLAND, Ore.–(BUSINESS WIRE)–The Standard and NFP Retirement are initiating Your 401(k) Retirement Plan PEP, a customized Pooled Employer Plan (PEP) that delivers a customized solution for employers committed to supporting their employees as they save for retirement.
The new Your 401(k) Retirement Plan PEP offers broad and flexible plan design capabilities so each individual employer can select provisions best suited for their needs. The Standard will serve as the pooled plan provider and ERISA 3(16) fiduciary, while NFP Retirement will provide ERISA 3(38) investment management and consulting services.
“The new 401(k) Retirement Plan PEP is a strategic solution for businesses which offers a customized retirement plan option,” said Joel Shapiro, president of NFP Retirement. “The PEP helps employers save time, minimize fiduciary risk and reduce work by outsourcing time-consuming retirement plan responsibilities—including plan investment choices—to an expert team.”
Created by the federal SECURE Act, PEPs allow unrelated companies and organizations to band together to create a single 401(k) retirement plan for their combined employees. PEPs offer employers of all sizes the potential to outsource the fiduciary and administrative responsibilities of operating a standalone 401(k) plan while combining their purchasing power with other employers to negotiate lower plan fees.
“At The Standard, we’re very excited to collaborate with an industry leader in NFP Retirement on the Your 401(k) Retirement Plan PEP,” said Steve Chappell, vice president of retirement plan sales distribution for The Standard. “PEPs have emerged as a tool to help a variety of employers provide employee retirement plans more efficiently while managing their fiduciary responsibilities through outsourced solutions.”
About The Standard
The Standard is a family of businesses dedicated to helping our customers achieve financial well-being and peace of mind. In business since 1906, we are a leading provider of financial products and services for groups and individuals. Our products include group and individual disability insurance, group life, dental and vision insurance, voluntary (employee-paid) benefits, paid family leave and absence management services, and retirement plans and annuities for employers and individuals. For more information about The Standard, visit www.standard.com or follow us on Facebook, Twitter or LinkedIn.
The Standard has more than 85 years of dedicated experience on a national scale in the retirement plan space. The company has a long history of designing, administering and providing investment options for 401(k), profit sharing, money purchase, 403(b), 457 and defined benefit plans. Clients include corporations, government agencies and nonprofits in numerous industries.
The Standard is the marketing name for StanCorp Financial Group, Inc., and its subsidiaries. StanCorp Equities, Inc., member FINRA, wholesales a group annuity contract issued by Standard Insurance Company and a mutual fund trust platform for retirement plans. Standard Retirement Services, Inc., provides financial recordkeeping and plan administrative services. StanCorp Equities, Inc., Standard Insurance Company, Standard Retirement Services, Inc., are subsidiaries of StanCorp Financial Group, Inc., and all are Oregon corporations.
NFP is a leading property and casualty broker, benefits consultant, wealth manager, and retirement plan advisor that provides solutions enabling client success through the expertise of over 8,000 global employees, investments in innovative technologies, and enduring relationships with highly rated insurers, vendors and financial institutions. NFP is the 9th best place to work for large employers in insurance, 7th largest privately-owned broker, 5th largest benefits broker by global revenue and 13th largest broker of US business (all rankings according to Business Insurance).
Visit NFP.com to discover how NFP empowers clients to meet their goals.