TAG Advisors Launches ‘Private Label’ PEP

March 9, 2021

Another Pooled Employer Plan is making its debut this week, and this one has independent advisors in mind.

TAG Advisors, one of the largest and fastest growing branches within Cambridge Investment Research, Inc. with more than 300 advisors in 29 states, announced today the launch of its new Pooled Employer Plan with Voya Financial serving as the PEP’s recordkeeper.

Effective Feb. 1, 2021, the TAG(k) PEP is one of the first of its kind to the market in the independent broker-dealer space, TAG Advisors and Voya said in a statement. The PEP is available to all independent financial professionals affiliated with TAG Advisors, along with the clients of those financial professionals who are seeking a significant offload of fiduciary liability and the benefits associated with aggregating plan assets for significant pricing advantage.

“We are pleased to be one of the first firms of our type in the country to offer a custom-branded Pooled Employer Plan to our clients,” said Greg Raines, CEO of Glen Allen, Va.-based TAG Advisors. “In an ever-changing world of regulation and increasing complexity, our Pooled Employer Plan will bring simplicity, efficiency and improved pricing to our advisors, their businesses and their clients.”

PEPs first came to market through the 2019 passing of the SECURE Act as a way to expand access to workplace retirement plans for millions of full- and part-time workers, particularly small business employees. Under the SECURE Act, pooled plan providers began operating in January 2021, allowing employers to join together for a common goal of creating more efficient 401k plans.

“We are thrilled to be working together with TAG Advisors to help launch their new pooled employer plan by supporting their 401k retirement plan services,” said Bill Harmon, president, Retirement Corporate Markets for Voya Financial. “In collaboration with TAG, we look forward to bringing forward holistic financial wellness solutions to help all of the plan’s participants reach a secure financial future.”

The TAG(k) PEP will also utilize Plan Compliance Services, Inc., an affiliate of The Platinum 401k, Inc., as the pooled plan provider for the program. The company is registered with the U.S. Department of Labor as a pooled plan provider and has been providing independent 3(16) Plan Administrator services to multiple employer plans since 2010.

“We’re delighted to be involved as the pooled plan provider and third-party administrator for the TAG(k) PEP,” added Terry Power, president of The Platinum 401k. “The TAG(k) Pooled Employer Plan is an innovative and significant achievement in the rapid evolution of pooled employer plans. TAG Advisors clearly sees the benefit of having a ‘private label’ PEP to market through their distribution network that will most likely be focused on the key target market for these types of programs—401k plans with assets of $2,000,000 to $50,000,000 which may be subject to an annual plan audit as part of their Form 5500 submission.”