Global retirement technology provider Smart has announced wider availability of its fiduciary services to advisory firms, recordkeepers and third-party administrators to provide pooled employer plans (PEPs) and single employer plans, according to an announcement by the firm.
Because employers oftentimes lack the time and expertise needed to carry out their fiduciary duties effectively, the combined risks and costs associated with fiduciary responsibilities can deter businesses from offering retirement plans altogether. Smart notes, however, that its fiduciary services address these challenges head-on, working with plan providers, recordkeepers and TPAs in the industry to create comprehensive PEP and single employer plan solutions to help mitigate employer fiduciary risk.
Smart notes in the announcement that it can serve as a PEP’s pooled plan provider (PPP) or as a 402(a) fiduciary for multiple employer plans (MEPs) or single employer plans. Another benefit the firm touts is that it can oversee all or some of the service providers to the plan and that it is not affiliated with the service providers it oversees, ensuring the company avoids conflicts of interest.
“We believe in the power of collaboration and equipping our partners, such as recordkeepers, third-party administrators, and other plan providers, with the tools they need to manage efficient and scalable retirement plan solutions, including PEPs,” Jodan Ledford, U.S. CEO of Smart, said in a statement. “Their important work ensures the realization of retirement dreams for countless individuals.”
This news comes on the heels of Transamerica announcing that it will provide recordkeeping and 3(16) plan administration services for a new pooled employer 401(k) retirement plan solution from Smart named Choice PEP.
For more information, visit: https://www.smartretire.com/fiduciary-services
