Monitoring

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One of the most important duties that an adopting employer to a Pooled Employer Plan is ongoing monitoring. This is more difficult than it sounds. Even more difficult than under a single-employer plan. 

Why? Because under a PEP the adopting employer not only is required to monitor the PEP service providers – as is the case with the single-employer plan – but also the PEP “wrapper” AND the PEP’s Pooled Plan Provider (P3).

• As an employer, would you want to know if the P3 sold its business? 
• Would you want to know if the PEP changed service providers? 
• Have PEP fees changed during the previous quarter?
• How about successful cyber security attacks against the PEP or its service providers? 
• As an employer, wouldn’t it be helpful to know how many new employers, participants and plan assets have joined the PEP in the last quarter (or perhaps more importantly, how many employers and assets have left the PEP)? 
• During the past quarter, has the P3 and/or PEP received any legal or regulatory actions? 
• What about the PEP’s 3(38) investment manager returns and commentary?

Good news! PEP-HUB provides adopting employers an ongoing monitoring service, called the PEP-HUB Surveillance. PEP-HUB Surveillance provides employers with critical information on PEP management and operations, as well as monitoring of the PEP’s service providers. In addition, positive as well as exception reporting provides information on any changes with the P3 that would impact adopting employers and their plan participants. 

Ongoing surveillance and reporting to adopting employers is based on information PEP-HUB gathers directly from plan fiduciaries in real time or on a lookback basis. To ensure completeness, accuracy, and integrity, PEP-HUB requires the plan fiduciary to acknowledge and state that the information submitted is true and accurate.