Morgan Stanley Wealth Management and Ascensus have launched ClearFit, a retirement program for small plans in which Morgan Stanley will serve as investment provider and fiduciary and Ascensus will serve as administrator and recordkeeper, according to a news release issued today.
Morgan Stanley will serves as the ERISA Section 3(38) investment manager, assuming the responsibility for selecting the plan’s investments which includes oversight and monitoring of the retirement plan’s fund lineup.
The investment menu will use a multi-manager approach and non-proprietary funds. ClearFit’s target date models will use Morgan Stanley’s proprietary retirement glidepaths.
Ascensus’ administrative services will include:
- Integrated payroll processing with streamlined data delivery options
- Retirement account withdrawal, loan and distribution approvals managed by Ascensus
- Delivery of certain required notices directly to participants’ homes
- Digital and mobile solutions to help boost employee participation
Details regarding investment, administrative and recordkeeping fees were not available at deadline.
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