For the past several months, we’ve fielded many inquiries regarding how BlueStar will handle PEPs. The answer is, “every way”!
BlueStar Does It All
For starters, we expect some of our friends will want us to take the lead. In these situations, BlueStar will serve as the Pooled Plan Provider (PPP), the recordkeeper, and the TPA. Anticipating the fiduciary responsibilities of a PPP, BlueStar will be providing true “3(16)” Plan Administrator services to handle daily operational items to the fullest extent possible when desired. Then we’ll bring in one of our custodian partners that has MEP experience and intends to own up to the PEP trustee role as delineated in the SECURE Act. As PPP, our agreement will carve out investment management services so our advisor partners can have a direct, secure relationship with the clients if desired.
A la Carte
Additionally, we have friends who will want to do some of the PEP puzzle pieces themselves, such as PPP, 3(16) Plan Administrator, etc. In these instances, BlueStar can sit in the Recordkeeper and TPA chair (or more) and you can rely confidently on our almost two decades of MEP experience. This flexibility will allow you to access our experience, technology, and exceptional service for as much or as little as you want.
BlueStar will continue its “books on a bookshelf” attitude with respect to ancillary services. Whether it be financial wellness, managed accounts, 3(38) investment managers, etc., BlueStar will continue to support multiple solutions as preferred by each employer and their advisors. If there’s an ancillary provider you’re fond of that we don’t cover, please let us know so we can investigate.