National Professional Planning Group Announces Launch of New Pooled Employer Plan
- Voya Financial serves as plan recordkeeper, providing holistic participant experience to help drive greater retirement outcomes
National Professional Planning Group Inc. (NPPG) announced the launch of a new pooled employer plan (PEP). With NPPG serving as the pooled plan provider, the “YOUR 401(k) PLAN” PEP will deliver retirement plan services to clients in collaboration with flexPATH Strategies as the ERISA 3(38) Investment Manager, and Voya Financial, as the plan recordkeeper. NFP, a leading insurance broker and consultant, will also serve as the consultant firm for adopting plan sponsors.
Through the passing of the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, PEPs became available in the marketplace at the start of January 2021. Since their inception, PEPs have provided a greater opportunity to broaden the access of retirement plans for companies of all sizes. What’s more, the launch of NPPG’s new PEP comes at a time when recent data from Voya Financial has found that a majority (83%) of individuals agree or strongly agree that those who work for small businesses are less likely to have access to benefits and opportunities to save for retirement.
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“Employers are often challenged with navigating the inherent administrative and fiduciary burdens in managing an employee retirement plan. The ‘YOUR 401(k) PLAN’ PEP is a cost-effective retirement plan solution that leverages qualified fiduciaries and pooled buying power to reduce administrative costs and liabilities to the employer,” said Michael M. Salerno, founder and CEO of NPPG. “’YOUR 401(k) PLAN’ brings together top 401(k) professionals, enabling employers to experience efficiencies in providing a comprehensive retirement plan. Working with industry professionals such as NFP, Voya and flexPATH supports our continued mission to provide employers of all sizes the best in PEP retirement plan solutions.”
NPPG serves as the ERISA 3(16) plan administrator and is responsible for day-to-day oversight of the plan and compliance with all ERISA and IRS regulations. flexPATH Strategies is the ERISA 3(38) investment manager and is responsible for fund selection and monitoring. Voya Financial, one of the leading retirement plan providers in the U.S., will serve as the recordkeeper for the new plan, which is available immediately for clients.
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“At Voya, we have great experience in the multiple-employer solution space and understand the intricacies of these plan types to help employers offer the important benefits that individuals are seeking today,” said Ginger Brennan, head of Multiple-Employer Solutions for Voya Financial. “We look forward to working with NPPG to support the PEP’s participating employers in helping their employees save for a safe and secure retirement.”
In addition to serving as the consultant firm for adopting plan sponsors of the new PEP, NFP assisted NPPG with the search and ultimate selection of Voya as the plan’s recordkeeper.
“PEPs are an exciting opportunity for NFP to provide a deeper level of services to our retirement plan clients,” added Nick Della Vedova, president of Retirement at NFP. “Working together with Voya and NPPG to create ‘YOUR 401(k) PLAN’ allows us to enhance participant experiences while lowering the fiduciary and administrative burden of our clients.”
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