Press Release

Keybank Institutional Advisors Launches Key 401(k) Pooled Employer Plan

Issued by KeyBank Institutional Advisors

Dec. 12, 2023

CLEVELAND -- KeyBank Institutional Advisors (IA), the institutional investment management division of KeyCorp (NYSE:KEY) today announced the launch of a new pooled employer plan for 401(k) plans that will be effective January 1, 2024. The Key 401(k) Pooled Employer Plan ('PEP') is designed for unrelated employers to participate in a single, customizable plan that offers defined contribution retirement benefits through a pooled arrangement.

As a single consolidated plan, the PEP provides for a substantial reduction in the administrative burden and fiduciary risks for employers, while providing potential economies of scale pricing and access to professional plan management.

Key's PEP solution offers an integrated platform providing many benefits including fiduciary oversight, compliance, recordkeeping, administration, cost efficiencies, reporting, investment management and a seamless  participant user experience. Key's PEP is designed to make offering retirement benefits simpler for employers by engaging well known providers in a bundled offering. 

KeyBank IA will serve as the 3(38)-investment manager that selects the fund menu line-up as well as ongoing monitoring of investment performance and manager selection.  Transamerica will serve as the recordkeeper, and Pentegra will be the pooled plan provider (PPP), providing administrative and compliance support. Both organizations have tremendous experience with similar pooled plans in this new arena. 

"As a fiduciary with a nearly 200-year history of delivering proactive advice and solutions for institutional clients, we are thrilled to offer a platform that will make it simpler for organizations to provide retirement benefits to help employees save for a better future. Employers that join our PEP will have access to well-known service providers and professional services that typically are reserved for the largest corporations," said Craig Greenwald, national director of pension solutions at KeyBank Institutional Advisors. "The Key 401(k) PEP aligns with our mission of helping clients and communities thrive because we can do the heavy lifting, while organizations can focus on what they do best."

About KeyBank Institutional Advisors For nearly 200 years, Key Institutional Advisors has provided strategic advisory services and investment management solutions to corporate, healthcare, pension, nonprofit, tribal, and government entities across the U.S. with a focus on funding, sustainability, and governance. Key Institutional Advisors has over $70 billion in AUA at September 30, 2023. KeyBank Institutional Advisors is the marketing name under which KeyBank National Association (KeyBank) offers investment management and fiduciary services to institutional clients. Investing involves risk, including the potential loss of money invested. Investment products offered through the Key PEP are not FDIC Insured or guaranteed by KeyBank or any federal agency. Past performance does not guarantee future results. Asset allocation and diversification do not guarantee a profit or protect against loss. KeyBank does not give legal advice.

About KeyCorp KeyCorp's roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $188 billion at September 30, 2023. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,300 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications, and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com. KeyBank is Member FDIC.

About Transamerica With a history that dates back more than 100 years, Transamerica is a leading provider of life insurance, retirement, and investment solutions, serving millions of customers throughout the United States. Transamerica's dedicated professionals focus on helping people live their best lives through saving, investing, and protecting their loved ones. Transamerica is dedicated to building America's leading middle market life insurance and retirement company, with unique access to the large and growing middle market consumer via World Financial Group and US retirement recordkeeping. Transamerica provides a broad range of quality individual life insurance policies, workplace supplemental insurance benefits, workplace retirement plans, individual retirement accounts, and investment products including mutual funds, annuities, stable value solutions, as well as investment management services. In 2022, Transamerica fulfilled its promises to customers, paying more than $46 billion in insurance, retirement, and annuity claims and benefits, including return of annuity premiums paid by the customer. Transamerica's head office is in Baltimore, Maryland, with other major operations in Cedar Rapids, Iowa, and Denver, Colorado. Transamerica is part of the Aegon group of companies. Each Aegon company is solely responsible for its own financial conditions and contractual obligations. Based in the Netherlands, Aegon is an international financial services holding company.  For more information, visit www.transamerica.com.

About Pentegra Pentegra is a leading provider of retirement plan and fiduciary outsourcing solutions to organizations nationwide. As one of America's oldest independent fiduciaries, we deliver retirement plans that run with less risk, greater efficiencies and improved outcomes. With an 80-year legacy of fiduciary expertise and oversight unmatched in the industry today, we partner with firms at the advisor, sponsor or enterprise level to bring maximum flexibility to every opportunity, offering a comprehensive array of qualified retirement plans, including MEPs, PEPs, TPA services and fiduciary support. Learn more at www.pentegra.com. This material is provided solely for informational purposes and does not constitute investment, tax, legal, or accounting advice on the matters addressed. Pentegra Services, Inc. is not affiliated with KeyBank National Association (KeyBank) or Transamerica.

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