CARPINTERIA, Calif., April 13, 2021 /PRNewswire/ -- PlanMember Financial Corporation, an independent provider of defined contribution services and solutions, is partnering with Newport Group, Inc. ("Newport") to offer the PlanMember Pooled Employer Plan. This modern retirement plan solution will enable unrelated plan sponsors to pool together to achieve economies of scale, lower overall plan cost, reduced fiduciary liability and outsourced plan administrative responsibilities. Plan participants will benefit from one-on-one retirement planning, innovative technology and personalized service. Newport Group will serve as the Pooled Plan Provider and PlanMember will provide 3(38) fiduciary investment services.
With last year's passage of the Setting Every Community Up for Retirement Enhancement (SECURE) Act, we are entering a new era in the evolution of retirement plans. According to the U.S. Bureau of Labor Statistics, only 55% of American workers employed by small businesses (1-99 workers) have access to employer-provided retirement benefits,1 primarily due to the administrative burdens and risks that confront individual employers. To encourage better retirement outcomes, the SECURE Act allows for unrelated employers to participate in a pooled employer plan (PEP).
The PlanMember-Newport partnership capitalizes on the strengths of both organizations, while offering a seamless experience to plan sponsors and their plan participants. The combined platform currently provides recordkeeping for over $150 billion in plan assets and provides defined contribution plan services to over 1,700,000 plan participants.
According to Jon Ziehl, PlanMember's President and CEO, "the addition of the PlanMember Pooled Employer Plan complements the comprehensive retirement solutions PlanMember has been providing to employers and plan members for more than 30 years. The PlanMember PEP will allow us to provide a fully integrated, independent retirement service solution to include administrative services, professional investment advisory management, high touch one-on-one participant retirement planning, and award-winning web and mobile technology."
About PlanMember: For more than three decades PlanMember Financial Corporation, through its operating subsidiaries, has provided personalized retirement planning and administrative services to public and private sector employers and employees utilizing a broad selection of investment programs. The company is headquartered in Carpinteria, California.
For more information visit planmember.com/retirement-services.
Securities and advisory services are offered through PlanMember Securities Corporation, member FINRA/SIPC.
1 U.S. Bureau of Labor Statistics, Employee Benefits in the United States, September 2020. Sourced from https://www.bls.gov/new.release/pdf/ebs2.pdf.
SOURCE PlanMember Securities