PEP for 403(b) Nonprofits Debuts

The Standard Insurance Co., a subsidiary of StanCorp Financial Group Inc., announced Thursday a pooled employer plan for 403(b) nonprofit organizations. The Standard will serve as the pooled plan provider, 402(a) named fiduciary, 3(16) fiduciary and recordkeeper.

According to the announcement, The Standard intends to assume most key responsibilities as PPP, including fiduciary oversight, plan administration and participant services, as nonprofit employers “often face greater time, staffing and resource constraints than private-sector organizations.”

“PEPs are a key part of our strategy,” wrote Steve Chappell, The Standard’s assistant vice president of retirement plan sales, in an email to PLANADVISER. “Our focus is on organizations that can benefit most from the outsourcing and risk management support PEPs provide.”

The Standard has nearly $5 billion in PEP assets under management. It entered the PEP market in August 2023 after its acquisition of Securian Financial’s retirement plan recordkeeping business.

As of December 31, 2025, The Standard had 324 403(b) plans, including 39 added last year, according to the PLANSPONSOR 2026 403(b) Market Survey, published by PLANADVISER’s sister publication.

The survey of 31 recordkeepers found that as of year-end 2025, there were approximately $14.53 trillion in defined contribution plan assets in 403(b) plans, including $34.2 billion in PEPs.