Lockton Cos. selected Transamerica to serve as record keeper for a pooled employer plan the insurance brokerage firm expects to launch Jan. 1, Lockton spokesman Michael Duckett confirmed.
The anticipated PEP is called the Lockton Northeast Series pooled employer plan, Transamerica said Wednesday in a news release.
NPPG Fiduciary Services, an affiliate of employee benefits consultant Northeast Professional Planning Group, will serve as the pooled plan provider, while NPPG's Pinnacle Financial Services unit will serve as the plan's third-party administrator.
"We look forward to working closely with Transamerica and NPPG on our new PEP," said Tom Clark, senior vice president at Lockton Retirement, in the news release.
Lockton's anticipated launch of a pooled employer plan follows Aon's announcement in June that it would launch a pooled plan on Jan. 1 with Voya Financial serving as the record keeper.
Pooled employer plans are a new type of multiple employer plan created by the SECURE Act. They allow employers in unrelated businesses to join a collective or pooled plan for their workforces, an arrangement intended to reduce their administrative duties and lower their plan costs through economies of scale.