- Offers Chamber members an alternative to an employer-sponsored 401(k) or Illinois Secure Choice Plan
- Enables members to “pool” their retirement plans together, reducing cost and enhancing services for employees
- Allows members to attract and retain key talent by offering a robust retirement plan
Mesirow today announced a partnership with the Chicagoland Chamber of Commerce to offer a new Pooled Employer Plan (PEP) that will be made available to all current Chamber members. The Chicagoland Chamber of Commerce PEP offers members the opportunity to “pool” their retirement plans together, creating collective purchasing power that reduces cost and enhances services for its members and provides a 401(k) experience comparable to some of the largest companies in the country. The PEP will also enable Chamber members to more effectively manage fiduciary risk and outsource plan operations, often at a lower cost than a traditional 401(k) plan.
The Chicagoland Chamber PEP will be overseen by Mesirow Retirement Advisory Services, a team with proven expertise in managing pooled employer programs and driving successful participant outcomes through innovative products and services. In 2019, the team launched myFinancialFuture®, a proprietary personal financial advice program designed to help participants achieve financial wellness.
“We are excited to bring this valuable new benefit to the 1,000+ members that place their trust in the Chamber and our valuable advocacy, programs, and membership offerings,” said Jack Lavin, President & CEO of the Chicagoland Chamber of Commerce. “To attract and retain key talent in today’s competitive environment, it is critical for businesses to provide employees with a cost effective, professionally managed retirement planning solution. The Chicagoland Chamber PEP is an attractive option for businesses of all sizes, especially the small and mid-sized businesses that work to meet the recent State mandate of expanding retirement plan coverage.”
“We are pleased to partner with the Chicagoland Chamber as they deliver a robust and affordable solution to their membership,” said David Dermenjian, President of Mesirow Retirement Advisory Services. “We have created a retirement platform that leverages cutting-edge technology, built using open architecture, institutionally-priced investment options with the ability to deliver customized participant advice solutions. This offering truly delivers a “Best in Class” retirement plan offering for small- to mid-size employers who are Chicagoland Chamber members.”
About Chicagoland Chamber of Commerce
The Chicagoland Chamber of Commerce is a nonprofit organization that represents more than 1,000 member companies, which collectively employ 400,000 employees and generate $24 billion in revenue. The Chamber combines the power of membership with its legacy of leadership and business advocacy to drive a dynamic economy. To learn more, visit www.chicagolandchamber.org.
Mesirow is an independent, employee-owned financial services firm founded in 1937. Headquartered in Chicago with offices around the world, we serve clients through capabilities spanning Global Investment Management, Capital Markets & Investment Banking, and Advisory Services as we invest in what matters: our clients, communities, and culture.
Mesirow Retirement Advisory Services aligns the full power and resources of Mesirow for corporations, government entities and not-for-profit entity plan sponsors as well as for participants across qualified plans, nonqualified plans, advisor managed accounts, and discretionary investment management. With approximately $10.4 billion in assets under management/advisement as of December 31, 2020, Mesirow RAS is dedicated to helping plan sponsors manage fiduciary risk, attract and retain employees and assist employees in seeking the best possible retirement outcomes. For more information, please visit Mesirow Retirement Advisory Services.