[US] ADP launches pooled employer retirement plan

In the US, ADP has launched its Save4Retirement Pooled Employer Plan (PEP), a 401(k) structure that allows multiple unrelated employers to share administrative costs and responsibilities through a single professionally managed platform, StreetInsider reports.

The PEP shifts administrative and audit responsibilities from individual employers to Pentegra, the pooled plan provider, which handles compliance tests, Form 5500 filings, and plan audits. 

Mesirow reportedly serves as the ERISA 3(38) investment manager, overseeing the investment lineup and conducting ongoing fund monitoring.

Chris Magno - senior vice president and general manager of ADP Retirement Services - said, "Employers continue to look for ways to offer robust retirement plan benefits without adding administrative burden or fiduciary exposure." 

Under Save4Retirement’s structure, participating employers share plan costs, which, according to ADP, reduces individual plan expenses. Independent registered investment advisors maintain their advisory roles with employers while gaining the ability to manage multiple clients on a single platform.

The plan integrates with ADP's payroll systems, enabling real-time data synchronisation between payroll and recordkeeping functions. This integration reportedly verifies transactions such as employee deferrals and investment election changes.

Source: StreetInsider

(Link via original reporting)

In the US, ADP has launched its Save4Retirement Pooled Employer Plan (PEP), a 401(k) structure that allows multiple unrelated employers to share administrative costs and responsibilities through a single professionally managed platform, StreetInsider reports.

The PEP shifts administrative and audit responsibilities from individual employers to Pentegra, the pooled plan provider, which handles compliance tests, Form 5500 filings, and plan audits. 

Mesirow reportedly serves as the ERISA 3(38) investment manager, overseeing the investment lineup and conducting ongoing fund monitoring.

Chris Magno - senior vice president and general manager of ADP Retirement Services - said, "Employers continue to look for ways to offer robust retirement plan benefits without adding administrative burden or fiduciary exposure." 

Under Save4Retirement’s structure, participating employers share plan costs, which, according to ADP, reduces individual plan expenses. Independent registered investment advisors maintain their advisory roles with employers while gaining the ability to manage multiple clients on a single platform.

The plan integrates with ADP's payroll systems, enabling real-time data synchronisation between payroll and recordkeeping functions. This integration reportedly verifies transactions such as employee deferrals and investment election changes.

Source: StreetInsider

(Link via original reporting)