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FuturePlan and Voya Financial Introduce PATH Pooled Employer Plan

In a significant move aimed at enhancing retirement solutions for organizations, FuturePlan by Ascensus has announced the launch of the PATH Pooled Employer Plan (PATH PEP), developed in collaboration with Voya Financial. This initiative targets mid- and large-market employers, offering a robust framework that emphasizes institutional quality, flexibility, and strong fiduciary oversight.

Addressing Market Needs with PATH PEP

The retirement landscape is evolving, with increasing demand for simplified plan structures that do not compromise investment flexibility or fiduciary rigor. The PATH PEP is strategically designed to fill this gap, particularly for larger and more complex organizations seeking to streamline their retirement plans while ensuring compliance with regulatory requirements.

Kasey Price, the President of FuturePlan, articulated the vision behind PATH PEP, stating, “This launch reflects where the retirement market is headed—and where FuturePlan continues to lead with innovation.” The solution not only aims to extend the advantages of pooled plans but also marries institutional infrastructure with the flexibility that advisors value in their practice.

Collaboration for Comprehensive Solutions

PATH PEP brings together a consortium of seasoned retirement industry providers, ensuring a comprehensive, end-to-end experience for employers. Voya Financial takes on the role of recordkeeper and trustee, while Mesirow provides 3(38) investment fiduciary services. FuturePlan serves multiple roles as the pooled plan provider, third-party administrator (TPA), and 3(16) administrative fiduciary. This multi-faceted collaboration fosters a seamless experience for both employers and advisors in managing retirement plans.

Christina Buettel, VP of Specialty Sales and Sales Strategy at Voya Financial, emphasized the collaborative nature of the PATH PEP, saying, “We are pleased to collaborate with FuturePlan on a solution that helps employers and advisors navigate complexity while maintaining flexibility and strong fiduciary practices.” This partnership underscores a commitment to delivering flexible, scalable retirement solutions that evolve alongside employer and advisor needs.

Simplifying Retirement Plan Management

The PATH PEP initiative is rooted in simplifying plan management processes. It strengthens fiduciary oversight and delivers compliant retirement solutions designed to grow with employer requirements. As these retirement vehicle implementations become more intricate, the collaborative approach between FuturePlan and Voya Financial aims to offer better support for employers navigating these complexities.

Moreover, the open-architecture method adopted by PATH PEP grants greater discretion to advisors, reinforcing their ability to tailor investment strategies per employer-specific needs. This is seen as a critical element in today’s retirement planning environment, characterized by the ongoing pursuit of customization and efficiency.

FuturePlan’s Commitment to Innovation

FuturePlan has positioned itself as a leader in driving innovation within the pooled plan domain. The launch of PATH PEP signifies its unwavering commitment to providing scalable retirement solutions that are of the utmost quality. With a track record of supporting over 33,800 plan sponsors and managing more than $101 billion in assets, FuturePlan continues to be at the forefront of retirement service excellence.

Ascensus, the parent company of FuturePlan, plays a pivotal role in America's savings ecosystem, further augmenting the capabilities of the PATH PEP offering. By harnessing advanced technology and a dedicated team of professionals, Ascensus and FuturePlan strive to make retirement planning more efficient and accessible.

Conclusion

The introduction of the PATH PEP marks a crucial step towards redefining retirement solutions for mid- and large-market employers. With a strong emphasis on collaboration, flexibility, and governance, this initiative is set to streamline the way organizations manage their retirement offerings spanning multiple market segments. As FuturePlan and Voya Financial continue to innovate, they reaffirm their respective commitments to enhancing the retirement landscape for every participant involved.