JULY Introduces Passport401k PEP to Support Advisors on the BNY Mellon | Pershing Platform

  • The small business PEP supports advisors using the Pershing custodial platform—easy to set up and serve.

Waco, Texas, December 3, 2021 – July Business Services (JULY) announces Passport401k PEP, a cost-competitive Pooled Employer 401(k) Plan (PEP) and a SECURE Act-driven evolution of Passport401k,designed specifically for advisors using BNY Mellon Pershing’s (“Pershing”) custodial platform. The offering combines simple yet flexible plan design, investment management by Expand Financial (Expand), supported by JULY’s proprietary technology to simplify plan setup and management. Passport401k PEP helps improve client retention with simpler setup, pricing, and ongoing plan management.

With Passport401k PEP, JULY serves as the Pooled Plan Provider (PPP) and 3(16) administrative fiduciary—taking on the burdensome tasks that otherwise fall on a business owner’s shoulders. Three plan designs offer flexibility in addressing the tax and savings goals common to many small businesses while remaining easy to set up and operate. 

Expand, in its role as 3(38) investment fiduciary, selects, monitors and reports on a core investment lineup. Advisors and their clients may also select from an array of target date funds, risk-based managed portfolios, and/or participant-level managed accounts. The Passport401k PEP lineup is crafted from best-in-breed investments across fund families, a differentiator among the many PEPs heavily stacked with proprietary fund lineups.

As a member of Pershing’s Retirement Plan Network (RPN), JULY feeds plan level data into their platform with integration into NetX360®, making it easy for advisors to manage their retirement plan practice. RPN also includes a library of technology resources providing efficiency, growth, governance, and oversight.

“We are pleased to bring this new capability by JULY to our clients,” says Hans Schemmel, Director of retirement and insurance-based solutions at Pershing. “JULY’s focus on crafting retirement plan solutions that effectively address regulatory changes, while continuing to offer competitively-priced service model options, is critical to alleviating the challenges of retirement plan management for small businesses and their advisors. This latest enhancement will help our clients realize even better efficiencies and further improve the client experience on our platform.”

This solution will mirror the attributes of JULY’s overall service model, reducing the burden on participating employers with innovative enrollment technology, Payroll Pilot integration, constant data validation, plan reporting, easy-to-understand investment choices, managed solutions, and notice delivery.  

“Working closely with our institutional partners is cornerstone to growing relationships. Pershing has always been a valued partner of ours with matching core values, the desire to simplify, and the aptitude to pursue technology. It is our goal to support small businesses and give them the means to provide their employees with a solution that enriches their lives,” says John Humphrey, CEO of JULY.

    • About JULY:

    JULY is a 401(k) services company specializing in hi-touch, tech-enabled retirement plan services. Our employees have served as plan experts to advisory firms and employers in the small and micro 401(k) plan market for over 25 years. Over the last decade, our in-house software development team has built a host of proprietary technology solutions to streamline, automate and simplify all facets of retirement planning to make processes rewarding and easy for our clients. For more information about JULY, visit https://www.julyservices.com.

      • About BNY Mellon’s Pershing:

      BNY Mellon’s Pershing is a leading provider of clearing and custody services. We are uniquely positioned to help complex financial services firms transform their businesses, drive growth, maximize efficiency and manage risk and regulation.

      Wealth management and institutional firms outsource to us for trading and settlement services, investment solutions, bank and brokerage custody, middle and back office support, data insights and business consulting.

      Pershing brings together high-touch service, an open digital platform and the BNY Mellon enterprise to deliver a differentiated experience for every client.

      Pershing LLC (member FINRA, NYSE, SIPC) is a BNY Mellon company. With offices around the world, Pershing has over $2 trillion in assets and millions of investor accounts. Pershing affiliates include Albridge Solutions, Inc. and Lockwood Advisors, Inc., an investment adviser registered in the United States under the Investment Advisers Act of 1940. Additional information is available on pershing.com, or follow us on LinkedIn or Twitter @Pershing.

        • About Expand:

        Expand is a Registered Investment Advisory Firm that specializes in supporting advisors, broker dealers, recordkeepers, and other financial institutions in their effort to serve the 401(k) plan market.  Expand’s flexible service model supports all types of advisors and institutions, including those that offer 401(k) as a core part of their business and firms where 401(k) is a secondary part of what they do.  Whether serving as a direct plan fiduciary or in a back-office capacity, Expand brings expertise and proprietary technology to the 401(k) investment management process.  For more information about Expand, visit www.expandfinancial.com.

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