Portfolio company Vestwell has developed leading investing architecture and APIs to maintain records in-house on a digital database and take full control over 3(16) administrative tasks such as eligibility, loans and distributions, notices and compliance testing.
“Legacy providers out there have been around for a lot of years. They work, they perform a function that’s critical to the equation, but it’s old,” Mr. Schumm said. “We’ve revisited, redone and rethought [record keeping] from the ground up.” “If you’re an adviser and you’re working with 100 retirement plans and each have 30 employees and you want to access those 3,000 individuals, it’s [currently] hard to do at scale,” Mr. Schumm said. “This new framework will remove how record keeping has functioned to date.”