Press Release

Mesirow Retirement Advisory Services launches a Pooled Employer Plan (“PEP”)

  • Deeper capabilities to serve evolving needs of plan sponsors and their employees

  • Robust offering and client experience that includes 3(38) investment management, integrated 3(16) plan administration, recordkeeping and flexible turnkey plan design

  • Full access to myFinancial Future®, a personal financial wellness and advice program

CHICAGO, November 12, 2020 – Mesirow, an independent, diversified financial services firm, announced that the Mesirow Retirement Advisory Services (RAS) group is partnering with Newport Group, Inc. ("Newport")¹ to offer a new Pooled Employer Plan (“PEP”) in 2021.

The RAS team’s acumen in investment research and fund selection, expertise in plan design consulting and focus on achieving the best participant outcomes complements Newport’s plan administration, recordkeeping and trust services. Newport is a leading independent retirement services provider with more than $140 billion in retirement assets under administration and more than $270 billion in corporate retirement and insurance assets.

The PEP will enable small to mid-sized employers to “pool” their retirement plans. The collective purchasing power of the PEP reduces cost and enhances services for its members; providing a 401(k) experience comparable to some of the largest companies in the country. The PEP will also enable plan sponsors to more effectively manage fiduciary risk and outsource plan operations, often at a lower cost than a traditional 401(k) plan. 

Mesirow’s RAS professionals are well positioned to bring a PEP solution to market as they have been consulting on Multiple Employer Plans (MEPs), a similar type of pooled plan vehicle, since 2011. The group also has expertise in driving successful participant outcomes, launching myFinancialFuture®, a proprietary personal financial advice program in 2019 to help participants achieve financial wellness.

“We are thrilled we will have a robust and affordable solution to offer to retirement plan sponsors that adds to the depth, breadth and reach of our business,” said David Dermenjian, President of Mesirow Retirement Advisory Services. “Mesirow’s entrepreneurial culture, coupled with our product and service offering, robust technology platform and industry-leading participant services will create an elevated client experience and more flexibility for small- to mid-size employers.”

About Mesirow Retirement Advisory Services

Mesirow Retirement Advisory Services aligns the full power and resources of Mesirow for corporations, government entities and not-for-profit entity plan sponsors as well as for participants across qualified plans, nonqualified plans, advisor managed accounts, and discretionary investment management. With approximately $10 billion in assets under management/advisement as of September 30, 2020,² Mesirow RAS is dedicated to helping plan sponsors manage fiduciary risk, attract and retain employees and assist employees in seeking the best possible retirement outcomes. For more information, please visit Mesirow Retirement Advisory Services.

About Mesirow 

Mesirow is an independent, employee-owned financial services firm founded in 1937. Headquartered in Chicago, with locations around the world, we serve clients through a personal, custom approach to reaching financial goals and acting as a force for social good. With capabilities spanning Global Investment Management, Capital Markets & Investment Banking, and Advisory Services, we invest in what matters: our clients, our communities and our culture. To learn more, visit mesirow.com and follow us on LinkedIn.

1. Newport is not yet a registered Pooled Plan Provider. Newport intends to register with the Department of Labor in advance of the PEP being effective.

2. Data as of 9.30.20. Some assets under advisement are on a 45-to-90-day lag due to time needed to confirm away assets.

Related news

Mesirow Advises Dallas Plastics on its Sale to Sole Source Capital

Read article

Mesirow Advises Technical Machinery Solutions and Affiliated Companies on their Sale to Pregis

Read article