As part of the four-day Defined Contribution Spring Virtual Series panel, Pensions & Investments shared insights from Counsel Joan Neri on the pivotal role of plan consultants and advisors in the development of the pooled employer plan (PEP) market.
In the article “Consultants, advisers to play key role in PEP market – panel,” Neri said, “Plan advisers are almost like the catalyst. They’re going to plan sponsors, they’re going to meetings and then they’re presenting this as an option.”
However, Neri did not see pooled employer plans as appealing to large plan sponsors with complicated plan structures, saying pooled plans are better suited for “employers that are looking at a more cookie-cutter approach.”
Neri also noted that while pooled employer plans help relieve plan sponsors of their fiduciary responsibility, they’re not completely off the hook and still must “make sure that they prudently select and monitor the PEP and the pooled plan provider.”