New solutions leverage Smart Retirement Solutions as the plan
provider and Envestnet’s fiduciary guidance to expand access to
retirement plan offerings for clients and strengthen their ability
to attract and retain talent
Lincoln Financial Group (NYSE:LNC) announces the launch of
FlexPEP(k) and FlexPEP(b), comprehensive pooled employer plans
(PEP) for 401(k) and 403(b) plans, respectively. With these
side-by-side solutions, Lincoln aims to address the shared needs
and interests of businesses and not-for-profit organizations for
their retirement benefits, while also growing awareness of the
value of PEPs. These tailored solutions add to Lincoln’s lineup of
group plan solutions totaling more than $1.3 billion in assets.
Smart Retirement Solutions, Inc., focused on delivering
independent fiduciary services to ease the burdens of plan
sponsorship, will serve as the Pooled Plan Provider and Envestnet,
a leading provider of technology, advanced insights and solutions
for the wealth management industry, will serve as the 3(38)
investment provider, managing the investment fund menu for both
solutions.
“We’re seeing an uptick in the adoption of group plan solutions
as employers look to streamline their retirement plan
administration, minimize costs and enhance fiduciary protection,”
said Matt Condos, senior vice president, Retirement Plan Services
Product Solutions, Lincoln Financial Group. “While the SECURE Act
and SECURE 2.0 were catalysts for PEP offerings, an opportunity
remains for businesses and not-for-profits who are interested in
getting more positive outcomes from their retirement benefits. In
addition to providing these 401(k) and 403(b) solutions, we are
committed to educating plan sponsors of all sizes about the value
of PEPs.”
Research shows as employer size decreases, they are less likely
to offer a retirement plan, with those offering a plan trending
down from 90% for employers with 500 or more employees to 52% for
employers with 1-49 employees. ¹ Small-to-medium businesses and
not-for-profits stand to potentially benefit significantly from
Lincoln Financial’s newest offerings, as they consider navigating
the complexities of retirement plan sponsorship with limited
resources. By adopting FlexPEP(k) and FlexPEP(b), they can offload
the time and cost challenges they cite as primary obstacles to
offering competitive retirement benefits that support attraction
and retention of top talent.²
Both FlexPEP(k) and FlexPEP(b) offer a full-service model,
providing access to in-plan guaranteed income solutions and group
plan discounts that could lead to lower overall plan costs. With
multiple qualified default investment alternative (QDIA) options
available, plan sponsors can tailor investment options to meet the
diverse needs of their employees.
Tina Anstett, Head of Fiduciary Services, Smart Retirement
Solutions, said, “We’re excited to expand our relationship with
Lincoln in providing PEPs as solutions in the 401(k) and 403(b)
marketplace. Our mission is to simplify retirement plan sponsorship
for employers, and PEPs offer a streamlined, cost-effective
solution that aligns perfectly with that goal.”
Sean Murray, Head of Envestnet Workplace, added, “As the 3(38)
investment provider for these two new solutions, we leverage our
core competencies of fiduciary guidance and investment due
diligence to help plan sponsors with their investment selection and
monitoring. With Envestnet’s industry comprehensive and industry
leading Wealth Management Platform, we aim to empower employers to
support their employees in achieving their retirement goals.”
This launch underscores Lincoln Financial’s dedication to
expanding its offerings and demonstrating value to current and
prospective clients. Lincoln continues to educate its network of
financial professionals and is leveraging thought leadership to
boost plan sponsors’ knowledge of the potential benefits of PEPs,
including FlexPEP(k) for 401(k) plans and FlexPEP(b) for 403(b)
plans. For more information about Lincoln’s full suite of
retirement solutions, including OpenPEP, visit our group retirement
plan pages for employers and financial professionals.
¹ Cerulli, Retirement Markets 2023, Exhibit 1.06; Bureau of
Labor Statistics – https://www.bls.gov/web/cewbd/table_f.txt,
Bureau of Labor Statistic, National Compensation Survey ² Lincoln,
Consumer Insights, Small Business PEP Exploratory Research,
February 2023
Smart Retirement Solutions, Inc. and Envestnet are not
affiliates of Lincoln Financial Group.
Lincoln Financial Group and Envestnet, Inc. are separate
entities and unaffiliated firms. This material should not be
construed as a recommendation or endorsement of any particular
product, service or firm.
About Lincoln Financial Group
Lincoln Financial Group helps people to plan, protect and retire
with confidence. As of December 31, 2023, approximately 17 million
customers trust our guidance and solutions across four core
businesses — annuities, life insurance, group protection, and
retirement plan services. As of December 31, 2023, the company had
$295 billion in end-of-period account balances, net of reinsurance.
Headquartered in Radnor, Pa., Lincoln Financial Group is the
marketing name for Lincoln National Corporation (NYSE: LNC) and its
affiliates. Learn more at LincolnFinancial.com.
About Envestnet
Envestnet is helping to lead the growth of wealth managers and
transforming the way financial advice is delivered through its
ecosystem of connected technology, advanced insights, and
comprehensive solutions – backed by industry-leading service and
support. Serving the wealth management industry for 25 years with
more than $5.8 trillion in platform assets—more than 108,000
advisors, 16 of the 20 largest U.S. banks, 48 of the 50 largest
wealth management and brokerage firms, more than 500 of the largest
RIAs -- thousands of companies, depend on Envestnet technology and
services to help drive business growth and productivity, and better
outcomes for their clients. Data as of 12/31/2023.
Envestnet refers to the family of operating subsidiaries of the
public holding company, Envestnet, Inc. (NYSE: ENV). For a deeper
dive into how Envestnet is shaping the future of financial advice,
visit www.envestnet.com. Stay connected with us for the latest
updates and insights on LinkedIn and X (@ENVintel).
About Smart
Smart Retirement Solutions, Inc. (SRS) is a wholly-owned
subsidiary of Smart USA Co. (Smart) and is dedicated to providing
outsourced retirement plan fiduciary services. Smart’s mission is
to transform retirement, savings, and financial well-being, across
all generations, around the world.
LCN-6502719-032524
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version on businesswire.com: https://www.businesswire.com/news/home/20240403334504/en/
Media: Tammy Myrick Lincoln Financial Group
Tamala.Myrick@lfg.com
Amy Norcini Envestnet Amy.Norcini@envestnet.com
Andrew Jennings JConnelly for Envestnet
envestnetpr@jconnelly.com
Holly MacMillan Smart 706-245-5145
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