Leading global advisory, broking and solutions company WTW announced the launch of its LifeSight PEP, a pooled employer plan (PEP) that simplifies 401(k) plan sponsorship for employers and improving outcomes for their employees. PEPs target lower plan costs and improved employee outcomes while reducing the operational burden and fiduciary role employers currently face.
“We’re excited to announce WTW’s LifeSight PEP, which will help employers address the increasing complexities of sponsoring a defined contribution plan,” said Michele Brennan, LifeSight U.S. business leader, WTW. “Designed with a commitment to innovation for improved outcomes, the LifeSight PEP will allow employers to offer a market leading defined contribution plan and employee experience with limited demand on their internal resources, enabling greater focus on strategy and core business.”
WTW already provides advice and discretionary implementation to U.S. employers in the key components of retirement plans — overall plan design, governance, investments, outsourced chief investment officer (OCIO), administration and employee engagement. The LifeSight PEP adds to these services in the U.S. by combining them all into a single pooled plan. LifeSight U.S. will build on WTW’s strong track record of delivering similar pooled plans in the U.K. and Europe.
WTW has selected a strategic partner as part of the LifeSight PEP, including Transamerica as recordkeeper. With over 20 years’ experience providing pooled plan solutions, Transamerica will oversee administration and recordkeeping for the LifeSight PEP.
“WTW and Transamerica share the same goal of helping U.S. workers save for a secure retirement,” said Phil Eckman, president of Transamerica’s Workplace Solutions division. “The LifeSight PEP allows employers to offer a valuable tax-advantaged benefit to their employees knowing that their retirement plan is being managed and administered by time-tested professionals. We look forward to helping more U.S. workers prepare to retire with confidence.”
About WTW
At WTW, we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance.
Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you.
About Transamerica
Transamerica is a leading provider of life insurance, retirement and investment solutions, serving millions of customers throughout the United States. Transamerica serves nearly every customer segment, providing a broad range of quality individual life insurance policies, workplace supplemental insurance benefits, workplace retirement plans, individual retirement accounts and investment products, including mutual funds, annuities, stable value solutions as well as asset management services.
Transamerica is part of the Aegon group of companies. Each company of the Aegon group of companies is solely responsible for its own financial conditions and contractual obligations. Based in the Netherlands, Aegon is a diversified, international financial services group offering investment, protection and retirement solutions. For more information, visit transamerica.