Pentegra Retirement Services, a national provider of retirement products and services, announced this week that it has entered into formal agreements with Ameritas Retirement Plans and Mesirow Financial Investment Management, Inc. to offer a multiple employer plan (MEP).
The plan will be marketed as The Elite(k) Multiple Employer Plan. Pentegra Services, Inc. will serve as the MEP sponsor and plan administrator, while Ameritas Retirement Plans will be responsible for all recordkeeping services, and Mesirow will serve as the ERISA 3(38) investment fiduciary. The program will be distributed through Ameritas Retirement Plans Regional Sales Directors nationwide.
Stated Pentegra President Robert C. Albanese, "Pentegra is one of the few providers that has built its business administering these types of programs--a unique advantage in the marketplace as multiple employer plans gain popularity. We are pleased to be able to bring our expertise to this arrangement."
Pentegra was founded in 1943 by the Federal Home Loan Bank System to offer a multiple employer defined benefit plan for System employees. Today, this multiple employer program, along with its companion defined contribution plan, are available to all federally-insured financial institutions. With a legacy of offering multiple employer plan solutions for banks and credit unions nationwide, Pentegra is one of the few providers that offers true expertise and more than 65 years of experience in administering MEPs gained from its unique history.