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National Professional Planning Group announces launch of new pooled employer plan
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Voya Financial serves as plan recordkeeper, providing holistic participant experience to help drive greater retirement outcomes
SHREWSBURY, N.J.--(BUSINESS WIRE)--
National Professional Planning Group Inc. (NPPG) announced today 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.1
“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.
“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.”
1. Voya Financial survey conducted through Ipsos on the Ipsos eNation omnibus online platform among 1,004 adults aged 18+ in the U.S., featuring 500 Americans working full-time or part-time and 277 millennials (167 working full-time or part-time). Research was conducted Nov. 23–24, 2021.
About National Professional Planning Group
National Professional Planning Group, Inc. and its affiliate companies offer full-service employee benefit consulting, retirement planning, actuarial consulting. ERISA fiduciary services and Pooled Plan Provider (PPP) services. NPPG has offices in New Jersey, Florida, Pennsylvania, and Texas and has been servicing clients since 1997. NPPG handles more than $6 billion in assets and more than 5,000 plans for clients nationwide. A full suite of compliance services includes ERISA 3(16) administrative fiduciary services, retirement plan third party administration including Multiple Employer Plans (MEP’s), Pooled Employer Plans (PEPs) as well as overall regulatory consulting and plan correction. NPPG clientele is made up of members of the New York Stock Exchange and NASDAQ, non-profit organizations, Fortune 500 companies, government agencies, as well as small entrepreneurial businesses, associations, and Professional Employer Organizations (PEOs). For further information, contact National Professional Planning Group, Inc. corporate office in Shrewsbury, New Jersey at (732) 758-1577.
About Voya Financial®
Voya Financial, Inc. (NYSE: VOYA), is a leading health, wealth and investment company that provides products, solutions and technologies that help Americans become well planned, well invested and well protected. Serving the needs of 14.8 million individual, workplace and institutional clients, Voya is a Fortune 500 company that had $7.6 billion in revenue in 2020 and $718 billion in total assets under management and administration as of Sept. 30, 2021. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya is purpose-driven and is equally committed to conducting business in a way that is socially, environmentally, economically and ethically responsible. Voya has earned recognition as: one of the World’s Most Ethical Companies® by the Ethisphere Institute; the No. 1-ranked financial services firm among Barron’s 100 Most Sustainable Companies for three consecutive years; a member of the Bloomberg Gender-Equality Index; and a “Best Place to Work for Disability Inclusion” on the Disability Equality Index. For more information, visit voya.com. Follow Voya Financial on Facebook, LinkedIn and Twitter @Voya.
About NFP
NFP is a leading insurance broker and consultant providing specialized property and casualty, corporate benefits, retirement, and individual solutions through its licensed subsidiaries and affiliates. NFP enables client success through the expertise of over 6,600 global employees, investments in innovative technologies, and enduring relationships with highly rated insurers, vendors, and financial institutions. NFP is the 5th largest benefits broker by global revenue, 7th largest US-based privately owned broker, 9th best place to work in insurance and 13th largest broker of U.S. business (Business Insurance); 10th largest commercial lines agency by P&C commercial lines revenue and 10th largest property and casualty agency (Insurance Journal); and 13th largest global insurance broker (Best’s Review).
