Mesirow Gets Into the PEP Business

Newport Group will be the recordkeeper for the pooled employer plan.

Mesirow Financial has announced that the Mesirow Retirement Advisory Services (RAS) group is partnering with Newport Group to offer a new pooled employer plan (PEP) in 2021.

The PEP will enable small to mid-sized employers to “pool” their retirement plans. Mesirow says the collective purchasing power of the PEP reduces cost and enhances services for its members, providing a 401(k) experience comparable to some of the largest companies in the country. The PEP will also enable plan sponsors to more effectively manage fiduciary risk and outsource plan operations, often at a lower cost than a traditional 401(k) plan.

Mesirow says its RAS professionals are well positioned to bring a PEP solution to market, as they have been consulting on multiple employer plans (MEPs), a similar type of pooled plan vehicle, since 2011. The group also has expertise in driving successful participant outcomes, launching my FinancialFuture, a proprietary personal financial advice program, in 2019 to help participants achieve financial wellness.

Newport offers plan administration, recordkeeping and trust services.

“We are thrilled we will have a robust and affordable solution to offer to retirement plan sponsors that adds to the depth, breadth and reach of our business,” says David Dermenjian, president of Mesirow Retirement Advisory Services.