Deals & People September 26, 2024

NACC Launches PEP Solution for Cannabis Industry

Also, California Corporate Retirement Services announces a PEP to plan sponsor clients.

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The North American Companies Council Inc. announced the introduction of a 401(k) pooled employer plan for its members. Meanwhile, California Corporate Retirement Services, a division of World Investment Advisors [formerly Pensionmark], also unveiled its own PEP, Happy HorizonsPEP.

According to the NACC’s announcement released on September 17, its PEP is the nation’s first fully vetted and transparent 401(k) solution specifically designed for legal cannabis companies.

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“Our goal was to open the doors for the approximately 500,000 employees who were eager to save for their retirement,” Shawn West, founder and ERISA director of CuraFin Advisors, the PEP’s 3(38) investment manager, said in a statement.

The pooled plan provider for the plan is Group Plan Systems LLC, run by managing partner Pete Swisher, who has been an active proponent and creator of PEPs.

“This was Shawn’s vision, and it took commitment from all the service providers to launch this PEP,” Swisher said in a statement. “All parties had to think differently about the solution to make sure it would work, and GPS is pleased to have been able to play a role alongside so many great partners.”

American Trust Retirement, a division of AmericanTCS, will manage recordkeeping and third-party administration for the PEP, while American Trust Custody, another AmericanTCS entity, will serve as sub-custodian. Bankwell is acting as the custodian, and Green Check Verified Inc. is responsible for AML, FinCEN and OFAC compliance. The North American Companies Council will serve as the trustee.

In a separate announcement on Wednesday, California Corporate Retirement Services, a financial services firm serving employer-sponsored retirement plans, announced a new PEP, Happy HorizonsPEP, to be offered to plan sponsor clients.

Robert Recchia, managing director of CCRS, spearheaded the offering, according to the announcement.

“I’ve been negotiating with service providers to develop a PEP with a strong value proposition for a while, and I’m pleased that this one is now available in the market,” Recchia said in a statement.

Voya is the recordkeeper for the PEP, with Matthews, Gold, Kennedy & Snow, a Phoenix-based firm, acting as the third-party administrator. Group Plan Systems LLC is again serving as the pooled plan provider.

“We are excited about this opportunity to work with Bob and the team at CCRS on this PEP,” Steve Niehoff, chief operating officer at GPS, said in a statement. “We launched a PEP with Voya and MGKS in 2023, and we’re glad to work with those teams again to support CCRS’ clients.”

Along with offering the PEP through CCRS, there are plans to potentially expand its availability through Patriot Growth Insurance Services LLC in the future.

Products & Services September 26, 2024

Product & Service Launches – 9/26/24

Altruist launches digital fixed-income trading for RIAs; BlackRock taps Vestmark for custom model portfolio partnership; and Alight adds firms offering mental health, fertility support to partner network.

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Altruist Launches Digital Fixed-Income Trading for RIAs

Altruist Corp. has launched a digital fixed-income trading center for registered investment advisers.

The platform offers RIAs the ability to look at real-time pricing and bond inventory across certificates of deposit, corporate bonds, government agency securities, municipal bonds and U.S. Treasurys. It also has a “click-to-trade” option on the Altruist platform, with the goal of minimizing transaction costs and helping advisers “trade bonds without ever having to pick up the phone,” according to the announcement.

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“Technology has propelled the financial advice industry forward, yet fixed income trading has lagged behind,” Harpreet Ahluwalia, chief product officer at Altruist, said in a statement. “When you make it easier for advisers to navigate the bond market, clients benefit from more predictable cash flows and deeper portfolio personalization.”

The new center is backed by a partnership with Moment Technology Inc., a fixed-income trading platform.

Vestmark, BlackRock Partner on Custom Model Portfolios

Wealth management software provider Vestmark Inc. has signed a commercial partnership with BlackRock Inc. to provide custom model portfolios for registered investment advisers.

The partnership will combine Vestmark’s “VAST” personalized investing and tax management tool, launched in 2023, with BlackRock’s ability to build model portfolios at scale.

BlackRock will offer its RIA custom model portfolios through Vestmark’s marketplace, which offers a unified managed account platform for investments including mutual funds, exchange-traded funds and separately managed accounts, among others.

“This collaboration strengthens our position as a prominent solution that combines advanced portfolio management with tax management capabilities,” Vestmark CEO Karl Roessner said in a statement.

Vestmark supports six of the 10 largest managed account platforms in the industry, according to the announcement.

Alight Partners With Firms Offering Employee Well-Being, Fertility Support

Alight Inc. has penned partnerships with two employee benefit firms to expand its offerings to employers.

Alight will now offer benefits via Journey, an employee assistance program focused on mental health and well-being support, and Carrot Fertility, which offers fertility and family-building support.

Journey offers a preventative mental health and well-being service that seeks to engage employees on a daily basis; the benefit is designed to “prevent issues, reduce turnover, address burnout and promote overall employee wellbeing,” according to the announcement.

Offerings include live coaching, access to trained clinicians with a three-day average wait time and services in multiple languages.

 Carrot Fertility offers fertility benefits that provide services from pre-pregnancy through menopause. It is a global service with localized content connecting to more than 11,000 clinics, attorneys, agencies and service providers, according to the announcement.

“By integrating Journey and Carrot Fertility into our partner network, we are further empowering employers to provide individualized care that meets their employees’ needs to help foster a healthier, more engaged workforce,” Missy Van Brocklin, vice president of partners at Alight, said in a statement.

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