Company Announcements

NEW YORK--(BUSINESS WIRE)--Aug. 22, 2024-- Mercer, a business of Marsh McLennan (NYSE: MMC) and a global leader in helping clients realize their investment objectives, shape the future of work, and enhance health and retirement outcomes for their people, today announced that its Mercer Wise 401(k) and Mercer Wise Pooled Employer Plan (PEP) have reached a combined USD $3.6 billion in US plan assets under management (AUM).¹

Mercer Wise 401(k) and Mercer Wise PEP, launched in 2017 and 2021 respectively, are outsourced retirement plan solutions that seek to improve participant outcomes while reducing plan sponsors’ administrative duties and fiduciary risk.

The Mercer Wise platform has 80 US-based employers¹, spanning a range of industries from technology and manufacturing to healthcare and hospitality, with employee bases of 350 to over 5,000. Together, the plans provide 401(k) benefits to more than 70,000 employees in the US.¹

Mercer’s research highlights that long-term financial security, focused on the ability to retire, remains one of American employees’ top concerns, and retirement benefits are among the top three reasons employees stay with their organization.

“Pooled employer plans provide a real opportunity to build retirement security for millions of Americans that have historically not had access to an employer-sponsored plan,” said Holly Verdeyen, Mercer’s US Defined Contribution Leader.

“Through the Mercer Wise platform, we are helping employers offer competitive financial wellness benefits and improve retirement plan coverage for their employees, all while potentially reducing plan costs and participant fees that allow employees to save more over time,” Ms. Verdeyen said.

The Employee Benefits Research Institute’s Retirement Security Projection Model estimates that the retirement savings shortfall for US households is $3.27 trillion in 2022 dollars. As people live longer than prior generations, interventions are needed to help Americans bridge the retirement savings gap. Employers can play an important role in helping Americans plan for retirement by providing access to quality financial savings and insurance vehicles.

Empower, which serves as the recordkeeper for the Mercer Wise 401(k) and Mercer Wise PEP plans, recently conducted a study, “Time is Money,” which found that half of Americans think they are running out of time to save for retirement. Additionally, only 22% of Americans are keeping track of their ability to retire and nearly half (48%) worry about how they’ll pay for expenses once they are no longer working.

“People who have access to workplace plans tend to start investing for retirement earlier and save more. This puts them in a better position to replace their pre-retirement income,” said Joseph Smolen, Empower’s Executive Vice President for Core and Institutional Markets. “With Americans living longer than ever before, employer-sponsored retirement plans are a critical component of helping millions of Americans prepare for retirement.”

For more information on the Mercer Wise offerings, click here.

About Mercer

Mercer, a business of Marsh McLennan (NYSE: MMC), is a global leader in helping clients realize their investment objectives, shape the future of work, and enhance health and retirement outcomes for their people. Marsh McLennan is a global leader in risk, strategy, and people, advising clients in 130 countries across four businesses: Marsh, Guy Carpenter, Mercer and Oliver Wyman. With annual revenue of $23 billion and more than 85,000 colleagues, Marsh McLennan helps build the confidence to thrive through the power of perspective. For more information, visit mercer.com, or follow on LinkedIn and X.

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¹ As of June 30, 2024

View source version on businesswire.com: https://www.businesswire.com/news/home/20240822502077/en/

Media contact:
Salina Pellios
Mercer
+1 332 284 4154
Salina.pellios@mmc.com

Source: Mercer