Shrewsbury, NJ, February 17, 2021 --(PR.com
)-- NPPG announced that the company will serve as the Pooled Plan Provider (PPP) to the Lockton Companies, LLC (Northeast Series) Pooled Employer Plan (PEP), EZ Flex 401(k). NPPG’s Florida office, formerly Pinnacle Financial Services, a leader in the MEP/PEP industry, will serve as the third-party administrator (TPA). NPPG will support the Lockton Northeast (NE) Series PEP and each of its adopting employers by taking on the fiduciary and administrative burdens of the plan to improve cost efficiencies for each adopter operating as the Pooled Plan Provider (PPP) and 3(16) Administrative Fiduciary.
Pooled Employer Plans (PEPs) were introduced under the Secure Act and signed into law in December 2019. PEPs allow plan sponsors to join together to create a pooled retirement program and assign most of the plan’s operations to a third party. A PEP can provide employers with cost-saving advantages and enable them to provide a retirement plan to assist their employees in saving for retirement and strengthen their industry position to attract top talent. Under the SECURE Act, PEPs officially launched on January 1, 2021.
NPPG is a nationally recognized employee benefits, retirement planning, actuarial consulting, and fiduciary services group with comprehensive experience in Multiple Employer Plan (MEP) administration and administrative fiduciary protection as an ERISA 3(16). NPPG provides employers of all sizes with a complete retirement plan solution and serves as a third-party administrator and 3(16) on many MEPs including state-run MEP’s with hundreds of adopting employers.
In addition, NPPG sponsors their own MEPs, one of which Transamerica is recordkeeper. Transamerica also serves as recordkeeping partner on the Lockton PEP. NPPG’s oversight of more than 4,000 plans and 220,000 participants with greater than $5 billion in pension assets has gained the plan sponsors and participants trust and respect in the industry.
“We are excited to partner with Lockton and deliver a comprehensive retirement and fiduciary solution. PEP’s will provide a more streamlined and efficient means for adopters to manage their retirement plan with reduced fiduciary risk and fewer administrative duties,” said Michael M. Salerno Founder and CEO of NPPG. Mr. Salerno continued, “Leveraging economies of scale, state of the art technology, and seasoned professionals, all integrated with Transamerica’s recordkeeping platform will provide the opportunity to reduce administrative costs to Lockton’s adopting employers throughout the nation.”
NPPG is an independent Employee Benefits, Retirement Planning, Actuarial Consulting and Fiduciary Services Group. NPPG services more 4,000 plan sponsors with over $5 billion in assets for clients nationwide. A full suite of compliance services includes Affordable Care Act (ACA) compliance, ERISA 3(16) administrative fiduciary services, retirement plan third-party administration for single and multiple employer plans (MEPs), as well as overall regulatory consulting and plan correction. NPPG customizes employee group benefit insurance and retirement plan solutions to meet business and financial goals of their clients. NPPG’s 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 (PEO’s). NPPG is headquartered in New Jersey with offices in New York, Florida, Michigan, and Texas. For further information, contact NPPG’s corporate office in Shrewsbury, NJ at (732) 758-1577 or visit www.nppg.com.