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July 26, 2023 at 11:20 AM
Schwab Retirement Plan Services announced two partnerships Wednesday that should let the firm to deliver new services to pensions plans and clients in deferred compensation arrangements.
Schwab RPS will work with Conduent Incorporated in the defined benefit area and Newport, an Ascensus company, in the deferred compensation area, according to a press release. The Schwab unit will continue to serve as the plan provider, with support from Conduent and Newport.
Ben Sheppard, a managing director at Schwab RPS, says the firm has served pension and deferred compensation clients previously, but its primary focus has been on 401(k)s. However, recent growth in the retirement market has highlighted new opportunities to serve the broader needs of clients, he suggests.
According to Schwab RPS, executive-level employees often have more complex financial situations and may require additional options to help them meet their retirement goals. Nonqualified deferred compensation plans may play an integral part in a total compensation package designed to attract and retain these key employees.
Sheppard says Schwab RPS will begin systems work with both firms this year and offer enhanced capabilities to new clients in 2024. Current pension and deferred compensation clients will migrate to the enhanced offering starting next year, according to the release.
