Data signals strong interest in pooled employer plans as a means to boost retirement savings
NASHVILLE, TN / ACCESSWIRE / October 14, 2021 / Smart, a leading global retirement technology provider, today released its compiled quarterly data on the total number of Pooled Plan Providers (PPPs) that have registered in the U.S.
From January to September 2021, a total of 72 PPP registrations were filed.
- 58 filings were made in Q1
- 11 more in Q2
- Only 3 filings in Q3
PPPs offer Pooled Employer Plans (PEPs), attractive to many employers because they can reduce plan expenses by pooling assets and they eliminate redundant expenses through a single plan document, 5500 filings, and plan audit.
A large number of filings to date signals the strong interest in pooling assets as a means to achieve economies of scale for retirement investments and to boost retirement savings for millions of Americans. PEPs were first introduced through the passage of the SECURE Act in 2019 and then the legislation became effective Jan. 1, 2021.
"PEPs offer an exciting opportunity to make it very easy for even the smallest of employers to provide a retirement plan," said Catherine Reilly, Director of Retirement Solutions at Smart USA. "By joining a PEP, employers can offload most of their administrative burden and achieve economies of scale typically only available to much larger employers."
"Smart was originally established in the UK to offer pooled plans following legislation requiring all employers to offer a plan," said Jodan Ledford, CEO of Smart USA. "Our platforms currently provide a plan to over 100,000 companies and over 800,000 participants globally, and we look forward to repeating that success in the U.S. market."
Smart entered the U.S. in October 2020 as a direct response to the Setting Every Community Up for Retirement Enhancement Act (SECURE Act). Its recordkeeping solutions and retirement income solutions are purpose-built for PEPs.
About Smart
Smart is a global savings and investments technology platform provider. Its mission is to transform retirement, savings, and financial well-being around the world.
Smart partners with governments and financial institutions (including insurers, asset managers, banks, financial advisers) to deliver retirement savings and income solutions that are digital, bespoke and cost-efficient.
In addition to the UK, Smart is operating in the USA, Europe, Australia and the Middle East with close to a million savers entrusting over $2.4 billion in assets on the platform.
Smart supports its clients with a 550-strong global team and saw 160% growth in assets on its technology platform in 2020.
Legal & General, J.P. Morgan, the Link Group, Barclays, Natixis Investment Managers and Chrysalis Investments are all investors to date in Smart.
For more information, please visit Smart.co.
Media Contact:
Jacqueline Silva
Caliber Corporate Advisers for Smart
Jacqueline@calibercorporate.com
SOURCE: Smart
View source version on accesswire.com:
https://www.accesswire.com/667961/Smart-Compiles-Quarterly-Pooled-Plan-Provider-PPP-Filings-Data-a-Total-of-72-PPP-Filed-from-January-to-September-2021
