Multiple Employer Plans (MEPs) have garnered quite a bit of attention recently as lawmakers continue to discuss ways to provide small employers with more opportunities to offer retirement benefits for their employees. There are many benefits to Multiple Employer Plans (MEPs), especially in the small plan market. However, the question looms, are these plans right for every small business?
Bank of New York Mellon and Vestwell are entering a partnership that will give the bank a technological boost as it embarks on a foray into service offerings for state-sponsored retirement plans. The bank signed Vestwell as an affiliate, meaning several of the banking behemoth’s units, including BNY Mellon Custody, Pershing brokerage services, Lockwood asset management and retirement plan management solution, Sumday, will all have access to the newly signed firms’ homegrown retirement plan-focused interface.
At first glance, ERISA-permitted MEPs may appear to be the long-awaited solution SMBs have been waiting for when it comes to 401(k)s. Read why Vestwell execs advise using caution before supporting this new executive order here.
Pieces of the Chalice enterprise have continued to come together, including a portal to Vestwell, a platform that helps advisers manage corporate retirement accounts that was founded by Aaron Schumm. Read more about Chalice (and Vestwell!) here.
“The integration of Morningstar Investment Management services [with Vestwell] aims to enable plan advisors and sponsors to address their fiduciary responsibilities while creating their own investment product lineup from menus of funds that Morningstar has performed due diligence screening on” – Find the full article here.
“They sweep up the assets and create efficiencies of scale,” Schumm says. “[Small-to-midsized] TPAs don’t have the technology to scale, and Ascensus comes in and buys their book of business and people get a payday.” Read the full article here.
“In today’s technology landscape it’s crucial to be able to establish connectivity across any industry player that either brings value to you as your core business or to your clients and their core business” said Aaron Schumm, Founder and CEO. More on this topic here.
“By coupling Vestwell’s turnkey retirement solution with Namely’s humanized and savvy HR system, we’re able to create a more harmonious experience for the plan sponsor and their participants” The full article can be found here.