CHICAGO, July 22, 2021 /PRNewswire/ -- Envestnet
Retirement Solutions, a subsidiary of Envestnet, Inc. (NYSE: ENV),
announces that it has been chosen by Sallus Retirement LLC (Sallus
Retirement) to serve as investment manager for the Sallus
Retirement's pooled employer 401(k) plan for small business owners
and the financial advisors that service them.
Sallus Retirement, built in response to the 60 million American
workers who today are without a workplace retirement plan, is one
of the first fully independent and bespoke pooled plan provider
solutions in the market. The Sallus Retirement solution is a
digital, comprehensive, and bundled Pooled Employer Plan (PEP)
offering designed specifically for the 5 million small businesses
that either, until now, couldn't afford to sponsor a retirement
plan for employees, or wish to reduce the risk of becoming a
retirement plan fiduciary subject to oversight by the U.S.
Department of Labor and Internal Revenue Service.
Envestnet will leverage its retirement plan experience in asset
allocation, portfolio construction, and manager research to manage
the fund portfolios in Sallus Retirement's PEP 401(k) plan.
"We continue to expand the asset management and fiduciary
capabilities available through the Envestnet financial wellness
ecosystem," said Dana D'Auria, CFA, Co-Chief Investment Officer
of Envestnet. "Working with Sallus Retirement gives us the
opportunity to optimize investments and lower costs in
comprehensive 401(k) solutions for small businesses and the
independent financial advisors who work with them—potentially
improving retirement outcomes for some of the estimated 60 million
Americans who are not currently enrolled in a workplace retirement
plan. We hope all of our distribution partners can take advantage
of this new retirement plan solution."
Under the Setting Every Community Up for Retirement Enhancement
(SECURE) Act, employers in different industries are allowed to pool
their resources and participate in a single 401(k) plan sponsored
by a Pooled Plan Provider (PPP) registered with the Department of
Labor. Unlike single-employer plans, where the employer/sponsor is
the named fiduciary, a PEP's lead fiduciary is the professional
PPP, which is responsible for administrative duties as well as
selecting, monitoring, and overseeing the plan's service providers.
PEPs were created to help small businesses offer employees the
chance to save for retirement, while lowering the costs and risks
associated with being plan sponsors.
"By selecting Envestnet to serve as investment manager to select
and monitor the funds in our PEP, we provide small business owners
with the comfort that a team of independent fiduciaries are
supporting them and their financial advisor," said Lisa Kottler, Chief Growth Officer at Sallus
Retirement. "Envestnet's strong investment knowledge and
established due diligence processes for selecting plan investments
demonstrate our commitment to delivering a high-quality program to
the underserved small employer
community."
Sallus Retirement will become available later this year. For
more information, please visit http://www.sallus.com.
About Envestnet
Envestnet, Inc. (NYSE: ENV) is transforming the way financial
advice and wellness are delivered. Our mission is to empower
advisors and financial service providers with innovative
technology, solutions, and intelligence to make financial wellness
a reality for everyone. Over 106,000 advisors across more than
5,200 companies—including 17 of the 20 largest U.S. banks, 47 of
the 50 largest wealth management and brokerage firms, over 500 of
the largest RIAs, and hundreds of FinTech companies—leverage the
Envestnet platform to grow their businesses and client
relationships.
For more information on Envestnet, please visit
www.envestnet.com, subscribe to our blog, and follow us on Twitter
(@ENVintel) and LinkedIn.
Sallus Retirement and Envestnet are separate and unaffiliated
firms. This release should not be construed as a recommendation or
endorsement of any particular product, service, or firm.
About Sallus Retirement LLC
An independent, pooled plan provider (PPP) registered with the
U.S. Department of Labor, Sallus Retirement LLC provides small
businesses, and the financial advisors who serve them, with
fiduciary expertise and oversight of expertly managed and
administered workplace retirement plans. Sallus significantly
reduces the high cost, risk, and complexity of traditional
retirement plans, helping working Americans save what they need for
the retirement they want. For more information on Sallus
Retirement, please visit: http://www.sallus.com.
Media Contact:
Dana Taormina
JConnelly for Envestnet
973.647.4626
envestnetpr@jconnelly.com
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SOURCE Envestnet, Inc.