New Fiduciary Solution Designed to Help Companies and Employees Achieve Better Retirement Outcomes
September 28 2016 - 10:30AM
Business Wire
Mercer Wise 401(k),SM a holistic, open
architecture plan, designed to enhance quality and transparency for
401(k)s
Mercer, a global consulting leader in advancing health, wealth
and careers, and a wholly-owned subsidiary of Marsh & McLennan
Companies (NYSE: MMC), today announced the launch of Mercer Wise
401(k)SM, a holistic retirement savings solution designed to
mitigate plan sponsors’ fiduciary risk while lowering participants
costs by leveraging Mercer’s global scale across the 401k value
chain . Mercer will serve as the ERISA “plan administrator” and
“named fiduciary” for each plan, taking responsibility for most of
the administrative and operating functions that many plan sponsors
find troublesome and difficult to govern, as well as responsibility
for investment decisions within each plan. Utilizing its global
manager research, Mercer will select independent investment
managers across a range of asset classes.
This comprehensive and transparent fiduciary solution is
intended to reduce costs for participating plans while providing
those plan sponsors with access to professionals with experience in
managing risks and promoting better outcomes for plan
participants.
“We believe that segments of the 401(k) marketplace suffer from
high fees and lack of transparency, among other challenges. Against
this background, plan sponsors face an increasingly difficult
regulatory environment, increased litigation risk and heightened
demand on their limited resources to support their 401(k),” said
Tom Murphy, Senior Partner, Mercer. “By assuming the
responsibilities of named fiduciary, Mercer can reduce risks for
plan sponsors, who may be challenged in meeting an ever increasing
burden. We will leverage our global research and investment
expertise and use our economies of scale to provide transparency,
cost reductions and improved services.”
Recognizing that retirement plans are just one component of an
individual’s overall financial wellbeing, participants in Mercer
Wise 401(k),SM will have complete access to Mercer Financial
Wellness, an open architecture financial wellness platform that
includes access to online budgeting tools, credit-score monitoring,
a robo-advice solution, student loan refinancing and other services
provided through third-party providers.
Mercer Wise 401(k)SM offers its clients features including but
not limited to:
- Taking ownership of many of the
fiduciary responsibilities of plan sponsors.
- Offering participants access to high
quality institutional investment solutions developed by Mercer’s
global research team by engaging independent investment
managers.
- Assuming responsibility for plan
administration and meeting certain regulatory requirements, such as
Form 5500 filings and non-discrimination testing.
“We want to be a positive part of getting the US retirement
system to work for everyone,” Said Mr. Murphy, Mercer. “We believe
that Mercer Wise 401(k)SM is a true disruptor in the market place
and will greatly benefit both plan participants and plan
sponsors.”
Mercer will be hosting a webinar to discuss companies’
challenges of managing retirement plans. The webinar will be held
on Wednesday, September 28, 2016 from 3:00 pm - 4:00 pm EDT. Topics
include complex rules and regulations; picking investment options;
responding to employees; tracking eligibility, participant loans,
beneficiaries among other issues. Click here to register.
Click here for infographic, which provides additional
detail.
About Mercer
Mercer Wise 401(k) services are provided by Mercer Investment
Management, Inc., which together with its affiliates (“Mercer”) is
a global consulting leader in talent, health, retirement and
investments. Mercer helps clients around the world advance the
health, wealth and careers of their most vital asset – their
people. Mercer’s more than 20,000 employees are based in 43
countries and the firm operates in over 140 countries. Mercer is a
wholly owned subsidiary of Marsh & McLennan Companies (NYSE:
MMC), a global professional services firm offering clients advice
and solutions in the areas of risk, strategy and people. With
annual revenue of $13 billion and 60,000 colleagues worldwide,
Marsh & McLennan Companies is also the parent company of Marsh,
a leader in insurance broking and risk management; Guy Carpenter, a
leader in providing risk and reinsurance intermediary services; and
Oliver Wyman, a leader in management consulting. For more
information, visit www.mercer.com. Follow Mercer on Twitter
@Mercer.
Important Notices
References to Mercer shall be construed to include Mercer LLC
and/or its associated companies.
© 2016 Mercer LLC. All rights reserved. Investing involves risk.
The value of your investment will fluctuate over time and you may
gain or lose money.
Mercer Investment Management, Inc. and Mercer Investment
Consulting LLC are federally registered investment advisers under
the Investment Advisers Act of 1940, as amended. Registration as an
investment adviser does not imply a certain level of skill or
training. Mercer’s Form ADV Part 2A & 2B can be obtained by
written request directed to: Compliance Department, Mercer
Investments, 701 Market Street, Suite 1100, St. Louis, MO
63101.
MMC Securities LLC is a registered broker dealer and an SEC
registered investment adviser. Securities offered through MMC
Securities; member FINRA/SIPC, main office: 1166 Avenue of the
Americas, New York, New York 10036. Variable insurance products
distributed through Marsh Insurance & Investments LLC; and
Marsh Insurance Agency & Investments in New York. Mercer,
Mercer Investment Consulting, LLC, Mercer Investment Management,
Inc., Guy Carpenter, Oliver Wyman, Marsh and Marsh & McLennan
Companies are affiliates of MMC Securities.
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version on businesswire.com: http://www.businesswire.com/news/home/20160928005950/en/
MercerAlayna Francis,
212-345-1315alayna.francis@mercer.com@Mercer
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