Lockton’s First PEP Ready to Launch in January

The Lockton Northeast (NE) Series pooled employer plan (PEP) will launch January 1.

Lockton, a global professional services firm and a privately held independent insurance broker, has selected Transamerica as the recordkeeper for the plan. Pinnacle, a Northeast Professional Planning Group (NPPG) company, will serve as the third-party administrator (TPA) and NPPG Fiduciary Services as the pooled plan provider (PPP).

Transamerica can offer a flexible plan design to each adopting employer in the pooled plan, enabling employers to customize their retirement plan’s design elements based on employees’ needs. It also offers specialized recordkeeping specific to each adopting employer in the pooled plan, enabling each employer to see data for its employee base.

PEPs allow each adopting employer to reduce administrative and fiduciary burdens, as the PPP and 3(38) investment fiduciary shoulder responsibilities on behalf of the adopting employers. PEPs also can bring cost efficiencies for adopting employers based on pooling the plan’s assets.

“We look forward to working closely with Transamerica and NPPG on our new PEP,” says Tom Clark, senior vice president, Lockton Retirement.