July Business Services has expanded its Pooled Employer Plan (PEP) offerings with the introduction of Passport401k PEP, a small business PEP designed specifically for advisors using BNY Mellon’s Pershing custodial platform.
Under the new offering, JULY serves as the Pooled Plan Provider (PPP) and 3(16) administrative fiduciary, while Expand Financial, in its role as 3(38) investment fiduciary, selects, monitors and reports on a core investment lineup, a Dec. 3 announcement notes.
The offering includes three plan designs providing flexibility in addressing the tax and savings goals common to many small businesses, while also helping to improve client retention with simpler setup, pricing and ongoing plan management. In addition, advisors and their clients may also select from an array of target date funds, risk-based managed portfolios and participant-level managed accounts.
As a member of Pershing’s Retirement Plan Network (RPN), JULY feeds plan level data into their platform with integration into NetX360, making it easy for advisors to manage their retirement plan practice. RPN also includes a library of technology resources.
JULY’s focus on crafting retirement plan solutions that effectively address regulatory changes, while continuing to offer competitively priced service model options, is critical to alleviating the challenges of retirement plan management for small businesses and their advisors,” notes Hans Schemmel, Director of retirement and insurance-based solutions at Pershing. “This latest enhancement will help our clients realize even better efficiencies and further improve the client experience on our platform.”
“Pershing has always been a valued partner of ours with matching core values, the desire to simplify, and the aptitude to pursue technology,” adds John Humphrey, CEO of JULY. “It is our goal to support small businesses and give them the means to provide their employees with a solution that enriches their lives.”
