Software-as-a-Service player Congruent has announced on April 2 the acquisition of IPX Retirement Edge, a niche platform for retirement income solutions, from IPX Retirement.
IPX Retirement Edge enables retirement plans to offer in-plan guaranteed income investment options, and supports entire participant journey from enrolment and education to investment selection, policy issuance, cashiering, and statement reporting.
"The IPX Retirement Edge platform allows Congruent to cater to the growing need for guaranteed and secured income options among participants," a company release by Congruent said.
Balaraman Jayaraman, the CEO of Congruent said, “The SECURE Act 2.0 has fundamentally changed the retirement landscape by encouraging plan sponsors to offer guaranteed income options.” America’s SECURE 2.0 Act, signed into law in December 2022, aims to strengthen the American retirement system by incentivizing savings, expanding access to retirement plans and simplifying rules for both employers and employees.
Jayaraman said IPX Retirement Edge streamlines the integration of guaranteed income options within 401(k) plans. Adding the platform removes the traditional barriers that have made in-plan annuities complex to administer, by automating the entire process.
The platform enables providers to deliver the retirement security that participants and sponsors seek, while significantly reducing operational complexity and risk for recordkeepers and sponsors alike.
“With the addition of IPX Retirement, Congruent will further enhance the breadth of its retirement solutions through the CORE platform. Congruent is well-positioned to enable innovative connectivity between plan service providers and retirement income providers to offer income solutions. Together, this combination ensures a wider set of offerings and a seamless experience for advisors, sponsors, record keepers, and participants,” Bill Mueller, CEO of IPX Retirement said in the statement.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
