Sallus Retirement, a pooled employer plan provider that plans to launch later this year, hired Envestnet Retirement Solutions as its 3(38) investment manager, confirmed Lisa Kottler, chief growth officer.
Envestnet will serve as the plan's default manager, although Sallus Retirement "will consider other qualified institutional investment managers associated with particular distribution relationships in an exception basis," Ms. Kottler said.
Venture capital firm Magis Capital Partners in March announced the creation of Sallus Retirement to offer a PEP 401(k) plan for small businesses that either cannot afford to offer their own retirement plan or do not wish to be a plan fiduciary subject to oversight.
The PEP 401(k) plan will launch in late third quarter or early fourth quarter, Ms. Kottler said. Sallus will also outsource the roles of record keeper, custodian, trustee, 3(16) plan administrator, and those firms will be announced shortly, she said.