Group Plan Systems, LLC (GPS), an independent fiduciary for employer-sponsored retirement plans, has added Envestnet Retirement Solutions (ERS) as another ERISA 3(38) fiduciary option for banks, broker-dealers, and investment advisers looking to outsource investment management for employers participating in GPS’ Navigator pooled employer plan (PEP). One of the unique features of GPS Navigator is the ability to have separate investment sleeves within the same PEP. While many financial institutions embrace the concept of serving as the investment fiduciary for their participating employers, some prefer to outsource that function.

“Envestnet will help us expand the opportunity for financial institutions to offer a PEP solution without taking on the added fiduciary responsibility,” said Pete Swisher, Managing Partner at GPS. “Combining Envestnet’s 3(38) capability with our operational fiduciary role as the Pooled Plan Provider enables firms to capitalize on the opportunities with PEPs in a more scalable manner,” Swisher added.

“At Envestnet, we strive to deliver the technology and support our clients need to better serve their customers, and we are excited to work with GPS on this PEP,” said Sean Murray, Head of Retirement at Envestnet. “GPS is doing some creative things in this market, which Envestnet’s retirement and investment management capabilities complement well. We’re confident we will help each other meet the need for new plan formation, while being very competitive for larger plans as well.”

GPS expects new plan formation to accelerate with Federal tax credits and state-run programs providing incentives for advisers to contact employers who haven’t yet taken action. Having a recognized brand like ERS will make generating interest easier. “We already have a lot of interest in the ERS sleeve from financial professionals that are focused on attracting employers who prefer a private solution to one mandated by State government” Swisher shared.

About GPS:

GPS provides independent fiduciary oversight that allows recordkeepers, TPAs, and financial institutions to serve retirement plans with confidence and at scale. For more information, please visit our website, or contact us via email at

GPS and Envestnet are separate and unaffiliated firms. This release should not be construed as a recommendation or endorsement of any particular product, service, or firm. Plan sponsors will always retain some fiduciary responsibility and should therefore conduct their own initial and ongoing research and due diligence on third party service providers, including but not limited to trustees, investment managers, recordkeepers and third party administrators.

Group Plan Systems
Pete Swisher



  • Banking & Financial Services