Ceridian Partners with Invest n Retire for 401(k) Offering

Two providers have teamed up to offer a new 401(k) services.

Minneapolis-based Ceridian Corporation, a provider of managed human resource, employee benefits administration, tax filing and payroll outsourcing solutions, has partnered with Portland, Oregon-based recordkeeper Invest n Retire, LLC (INR) to offer 401(k) services.

In what was described as Ceridian and Invest n Retire’s “first joint project”, the firms will provide services to the National Retirement Security Plan (NRSP), a multiple employer plan. Invest n Retire will provide recordkeeping services for NRSP and Ceridian will provide payroll services for each employer that joins NRSP.

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Childrey Investment Partners, LLC, an ERISA 3(38) investment fiduciary, has designed age-based model portfolios for the participants using Vanguard exchange traded funds (ETFs).

According to the announcement, the NRSP allows employers to “radically simplify the day-to-day operations for their company’s retirement plan,” noting that “instead of continuing to bear the inherent responsibilities and liability for running the plan; hiring service providers; and choosing the investment options, an employer may simply off-load these duties (and the liability) by joining the NRSP”.  According to a press release, the program’s total cost is 98 basis points, including the cost for the investment options. 

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