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Principal to Roll Out New Pooled Employer Plan

Service Providers

In gearing up for the SECURE Act’s pooled employer plans (PEPs) to become available next year, Principal Financial Group is teaming up with other service providers to offer a PEP that aims to simplify plan administration and reduce fiduciary risk.  

Dubbed Principal EASE, the packaged fiduciary solution will be available for financial professionals to offer employers in 2021 to help increase retirement plan access. Principal EASE will deliver a professionally managed approach for employer plans from start-up to $10 million in assets under management (AUM). 

Principal is taking responsibility as the Pooled Plan Provider (PPP) and recordkeeper, while National Benefit Services, LLC (NBS) will serve as the third-party administrator and Wilshire as the investment fiduciary. 

“As a top defined contribution player, we bring the financial strength, stability and integrity that comes with having a Fortune 500 company backing the size and scale of this PEP,” says Jerry Patterson, senior vice president of Retirement and Income Solutions at Principal. “We’re thrilled to team with NBS and Wilshire to help people feel more prepared and confident about their retirement.” 

The firm also notes that, with many other DC plan sponsors indicating they may look to join a multiple employer plan (MEP) or PEP in the next two years, it will look to continue working with other firms on joint PEP arrangements.  

Additional information about the announcement can be found here

 

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