Marsh McLennan Agency and Compass 360, LLC launch group plan solution

Compass 360, LLC and Marsh McLennan Agency* announced today the creation of a new Group Plan Solution called the Retirement Savings Group Plan Solution (GPS). In a Group Plan Solution, single employer plans join together in a contractual relationship for administrative convenience and cost savings. In addition, their employees enjoy the benefits and tax-deferred advantages of a workplace retirement plan.

This new offering from Compass and MMA enables single-employer retirement plans across the nation to leverage the advantages of administrative convenience and pooled cost savings on retirement plan assets. Under the arrangement, Compass will serve as third party administrator and 3(16) plan administrator, while MMA Securities LLC, an affiliate of Marsh McLennan Agency, will serve as the 3(38) investment fiduciary manager. Transamerica will be the recordkeeper for the retirement plans in the GPS.

“Historically, plan sponsors of retirement plans carried much of the decision-making, management, and oversight of their retirement plans. The result was a heavy burden for business owners who wanted to provide a retirement plan but needed to spend more time focusing on business growth,” said Seth Larner, Partner at Compass. “The Retirement Savings Group Plan Solution supports the autonomy of single-employer plans with the ability to band together to obtain professional oversight and management while realizing cost efficiencies. By offloading the majority of responsibilities to seasoned professionals, employers can place their attention on their business.”

“Through the strength of our investment due diligence process, we have designed an investment offering that provides employers with the 3(38) fiduciary oversight and support that helps mitigate their fiduciary liability and ensures employees are able to retire with dignity” said Andrew Ziergiebel, Vice President at Marsh McLennan Agency. “We are proud to provide business owners with comprehensive services that meet their growing needs.”

For more information about the Retirement Savings Group Plan Solution, contact –

• Chris Paterna with Compass at 781 915 4858 or cpaterna@compass-cg.com
• Andy Ziergiebel with Marsh McLennan Agency at 617 587 2337 or andrew.ziergiebel@marshmma.com

The Group Plan Solution is not a multiple employer plan (MEP). Unlike an MEP, certain plan qualification and ERISA requirements are applied at the individual plan level. An employer participating in a Group Plan Solution retains certain fiduciary responsibility, including responsibility for retaining and monitoring the 3(16) plan administrator, for determining the reasonableness of its fees, and for periodically reviewing the GPS as a whole.

Before adopting any plan, sponsors should carefully consider all of the benefits, risks, and costs associated with a plan. Information regarding retirement plans is general and is not intended as legal or tax advice. Retirement plans are complex, and the federal and state laws or regulations on which they are based vary for each type of plan and are subject to change. In addition, some products, investment vehicles, and services may not be available or appropriate in all workplace retirement plans. Plan sponsors and plan administrators may wish to seek the advice of legal counsel or a tax professional to address their specific situations.

About Compass 360, LLC
Compass, thinks differently and works harder to provide best-in-class retirement plan design, actuarial services, 3(16) fiduciary services and ongoing plan consulting. Compass builds long-term partnerships with plan sponsors and advisors based on mutual respect and trust. Compass is committed to transparency and exceptional service to make plan sponsors jobs easier. Compass used an in-depth, consultative approach to help ensure customized, goal-driven, cost-effective solutions that ease the burden for the plan sponsor and helps participants reach their retirement goals. The organization’s tried and true methods combine traditional values, innovative ideas, and the hardest working team to ensure long-term retirement plan success.

About Marsh McLennan Agency (MMA)
MMA Retirement Services is dedicated to providing consulting services to both qualified and non-qualified retirement programs. Nationally, we have $58b in assets under advisement and serve in a fiduciary capacity for more than 1,650 retirement plans. We are a Registered Investment Advisor (RIA), and service in a fiduciary role for our all of our clients.

*Securities and investment advisory services offered through MMA Securities LLC (MMA Securities), member FINRA / SIPC, and a federally registered investment advisor. Main Office: 1166 Avenue of the Americas, New York, NY 10036. Phone: (212) 345-5000. Variable insurance products distributed by MMA Securities LLC, CA 0K 81142. Marsh & McLennan Insurance Agency LLC and MMA Securities LLC are affiliates owned by Marsh & McLennan Companies. Certain services are provided under the Registered Investment Adviser only. A copy of our written disclosure statement discussing our advisory services and fees is available for your review upon request. Please consult a tax professional for specific tax inquiries and recommendations.  MMARetirement.com