BERWYN, Pa., March 25, 2021 /PRNewswire/ -- Venture capital firm Magis Capital Partners announces today the launch of Sallus Retirement LLC, an independent professional fiduciary and retirement Pooled Plan Provider (PPP).
Sallus Retirement was built in response to the 60 million American workers who today are without a workplace retirement plan. The Sallus solution was designed specifically for the 5 million small businesses that either cannot afford a retirement plan or whose owners do not want the risk of becoming a retirement plan fiduciary subject to oversight by the U.S Department of Labor and the Internal Revenue Service. Sallus Retirement changes all that.
Sallus offers a fully digital, easy-to-understand, bundled Pooled Employer Plan (PEP) designed as a single solution for advisors and their small business clients who are looking for a low-cost, worry-free, outcome-oriented plan that encourages plan adoption and ongoing participation, and includes a professionally designed and managed investment menu.
"401(k) plans are the only employee benefit plan still not outsourced to a professional third-party to manage. It's not practical to require company officers to take on personal liability as plan fiduciaries when the risk can now be outsourced to a third-party professional," saidJames Sopha, CEO of Sallus Retirement and a 30-year financial services industry veteran. "Furthermore, the 401(k) industry has sold 575,000 plans in 43 years. At the current rate of increasing retirement plan coverage, it will take another 373 years for the industry to cover the 5 million businesses in need of a plan. The 60 million uncovered American workers simply can't wait that long."
Sallus Retirement is one of the first fully independent and bespoke PPP solutions. Working in collaboration with wealth advisory organizations, Sallus provides independent oversight and fiduciary protection—effectively allowing business owners, financial institutions, and wealth advisors to remain conflict-free and focused on their core business services.
Lisa Kottler will serve as Chief Growth Officer and will lead the Sallus Retirement sales and distribution effort. Ms. Kottler and her equally talented team will be working with advisory firms to change the way 401(k) plans are delivered to small businesses, in a non-intimidating way and without the confusing jargon. Ms. Kottler was formerly head of NFP Retirement.
"Advisors and their clients are going to love what we've built," said Ms. Kottler. "They can design a plan with signature-ready documents in just a few clicks, rather than six to eight weeks, and at a fraction of the cost."
Sallus Retirement will be available in July 2021. Learn more at Sallus.com.
About Sallus Retirement LLC
An independent, pooled plan provider (PPP), Sallus Retirement LLC provides small businesses, and the financial advisors who serve them, with fiduciary expertise and oversight of expertly managed and administered workplace retirement plans. Sallus significantly reduces the high cost, risk, and complexity of traditional retirement plans, helping working Americans save what they need for the retirement they want. For more information on Sallus Retirement, please visit: http://www.sallus.com.
This press release refers to information products or services that may be in development and not yet available. Accordingly, nothing in the release should be construed as a representation or legal agreement by Sallus Retirement LLC to make available specific products or services (including, without limitation, concepts, systems or techniques.)