Leaders from the
The solution, called Envestnet Retire Complete, can help strengthen the opportunities for participants to achieve a more secure retirement. Envestnet will be the fiduciary and investment manager on the plans. Empower will be recordkeeper and provide the digital account dashboard.
"Our 3(38) fiduciary service and investment selection methodology, along with Empower's retirement services market leadership and scale, have created an opportunity for advisors to help businesses deliver value to their employees — while minimizing fiduciary concerns and service challenges associated with running a retirement plan," Sean Murray, head of retirement for Envestnet, said in a statement. "Together, we can enable more organizations to offer a competitive benefits package for attracting and retaining top talent."
Envestnet Retire Complete includes:
Fiduciary support and investment selection/monitoring: Envestnet assumes the responsibility of ERISA 3(38) fiduciary and investment manager, providing recommendations tailored to fit the plan sponsors' and participants' needs. Envestnet's fiduciary service is complemented by its proprietary SCORE methodology specially designed to evaluate and monitor investment options in qualified retirement plans.
Participant experience: Empower's digital experience for participants is designed to help them better understand their current situation and future needs, driving increased financial confidence. Plan participants can also download the Empower app to access their personalized account dashboard on their mobile devices.
Customized communications: Empower's multi-channel messaging capability enables plan sponsors to send relevant and timely communications to participants that are tailored with the messages they need to receive.
Diverse investment options: Envestnet has created a preset menu of investment options for participants to choose from with an eye towards active and passive choices. In addition, advisors and plan sponsors can choose from four target date providers as the qualified default investment option.
"Retirement investors who are better informed about their complete financial picture are in a strong position to make better decisions," Joe Smolen, senior vice president of core and institutional markets at Empower, said in a statement. "Empower has joined with Envestnet to design a state-of-the-art experience that allows plan sponsors to optimize retirement saving and planning for participants, while maintaining the flexibility to design features that work best for their organizations."
