Leveraging its expertise in managing defined contribution plans, global advisory firm Willis Towers Watson (WTW) announced the launch of a U.S.-based pooled employer plan (PEP).
Dubbed the LifeSight PEP, the new offering seeks to help simplify 401(k) plan sponsorship for employers and improve outcomes for their employees, while reducing the operational burden and fiduciary role employers currently face.
“Designed with a commitment to innovation for improved outcomes, the LifeSight PEP will allow employers to offer a market leading defined contribution plan and employee experience with limited demand on their internal resources, enabling greater focus on strategy and core business,” stated Michele Brennan, LifeSight U.S. business leader at WTW.
WTW already provides advice and discretionary implementation services—overall plan design, governance, investments, outsourced chief investment officer (OCIO), administration and employee engagement—to U.S. employers in the key components of retirement plans. The LifeSight PEP adds to these services in the U.S. by combining them all into a single pooled plan, building on WTW’s track record of delivering similar plans in the U.K. and Europe.
WTW’s announcement further notes that Transamerica will serve as a strategic partner, overseeing administration and recordkeeping for the LifeSight PEP.
“WTW and Transamerica share the same goal of helping U.S. workers save for a secure retirement,” stated Phil Eckman, president of Transamerica’s Workplace Solutions division. “The LifeSight PEP allows employers to offer a valuable tax-advantaged benefit to their employees knowing that their retirement plan is being managed and administered by time-tested professionals. We look forward to helping more U.S. workers prepare to retire with confidence.”
