CLEVELAND, Dec. 12,
2023 /PRNewswire/ -- KeyBank Institutional Advisors
(IA), the institutional investment management division of KeyCorp
(NYSE:KEY) today announced the launch of a new pooled employer plan
for 401(k) plans that will be effective January 1, 2024. The Key 401(k) Pooled Employer
Plan ('PEP') is designed for unrelated employers to participate in
a single, customizable plan that offers defined contribution
retirement benefits through a pooled arrangement.
As a single consolidated plan, the PEP provides for a
substantial reduction in the administrative burden and fiduciary
risks for employers, while providing potential economies of scale
pricing and access to professional plan management.
Key's PEP solution offers an integrated platform providing many
benefits including fiduciary oversight, compliance, recordkeeping,
administration, cost efficiencies, reporting, investment management
and a seamless participant user experience. Key's PEP is
designed to make offering retirement benefits simpler for employers
by engaging well known providers in a bundled offering.
KeyBank IA will serve as the 3(38)-investment manager that
selects the fund menu line-up as well as ongoing monitoring of
investment performance and manager selection. Transamerica
will serve as the recordkeeper, and Pentegra will be the pooled
plan provider (PPP), providing administrative and compliance
support. Both organizations have tremendous experience with similar
pooled plans in this new arena.
"As a fiduciary with a nearly 200-year history of
delivering proactive advice and solutions for institutional
clients, we are thrilled to offer a platform that will make it
simpler for organizations to provide retirement benefits to help
employees save for a better future. Employers that join our PEP
will have access to well-known service providers and professional
services that typically are reserved for the largest corporations,"
said Craig Greenwald, national
director of pension solutions at KeyBank Institutional Advisors.
"The Key 401(k) PEP aligns with our mission of helping clients and
communities thrive because we can do the heavy lifting, while
organizations can focus on what they do best."
About KeyBank Institutional Advisors
For nearly 200
years, Key Institutional Advisors has provided strategic advisory
services and investment management solutions to corporate,
healthcare, pension, nonprofit, tribal, and government entities
across the U.S. with a focus on funding, sustainability, and
governance. Key Institutional Advisors has over $70 billion in AUA at September 30, 2023. KeyBank Institutional
Advisors is the marketing name under which KeyBank National
Association (KeyBank) offers investment management and fiduciary
services to institutional clients. Investing involves risk,
including the potential loss of money invested. Investment products
offered through the Key PEP are not FDIC Insured or guaranteed by
KeyBank or any federal agency. Past performance does not guarantee
future results. Asset allocation and diversification do not
guarantee a profit or protect against loss. KeyBank does not give
legal advice.
About KeyCorp
KeyCorp's roots trace back nearly 200
years to Albany, New York.
Headquartered in Cleveland, Ohio,
Key is one of the nation's largest bank-based financial services
companies, with assets of approximately $188
billion at September 30, 2023.
Key provides deposit, lending, cash management, and investment
services to individuals and businesses in 15 states under the name
KeyBank National Association through a network of approximately
1,000 branches and approximately 1,300 ATMs. Key also provides a
broad range of sophisticated corporate and investment banking
products, such as merger and acquisition advice, public and private
debt and equity, syndications, and derivatives to middle market
companies in selected industries throughout the United States under the KeyBanc Capital
Markets trade name. For more information, visit
https://www.key.com. KeyBank is Member FDIC.
About Transamerica
With a history that dates back more
than 100 years, Transamerica is a leading provider of life
insurance, retirement, and investment solutions, serving millions
of customers throughout the United
States. Transamerica's dedicated professionals focus on
helping people live their best lives through saving, investing, and
protecting their loved ones. Transamerica is dedicated to building
America's leading middle market life insurance and retirement
company, with unique access to the large and growing middle market
consumer via World Financial Group and US retirement recordkeeping.
Transamerica provides 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 investment management services. In 2022,
Transamerica fulfilled its promises to customers, paying more than
$46 billion in insurance, retirement,
and annuity claims and benefits, including return of annuity
premiums paid by the customer. Transamerica's head office is in
Baltimore, Maryland, with other
major operations in Cedar Rapids,
Iowa, and Denver, Colorado.
Transamerica is part of the Aegon group of companies. Each Aegon
company is solely responsible for its own financial conditions and
contractual obligations. Based in the
Netherlands, Aegon is an international financial services
holding company. For more information, visit
www.transamerica.com.
About Pentegra
Pentegra is a leading provider of
retirement plan and fiduciary outsourcing solutions to
organizations nationwide. As one of America's oldest
independent fiduciaries, we deliver retirement plans that run with
less risk, greater efficiencies and improved outcomes. With an
80-year legacy of fiduciary expertise and oversight unmatched in
the industry today, we partner with firms at the advisor, sponsor
or enterprise level to bring maximum flexibility to every
opportunity, offering a comprehensive array of qualified retirement
plans, including MEPs, PEPs, TPA services and fiduciary support.
Learn more at www.pentegra.com. This material is provided
solely for informational purposes and does not constitute
investment, tax, legal, or accounting advice on the matters
addressed. Pentegra Services, Inc. is not affiliated with KeyBank
National Association (KeyBank) or Transamerica.
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SOURCE KeyCorp