Press Release

Stratum One centralizes fiduciary oversight, reduces administrative burden, and delivers institutional pricing through NEPC, Empower, and NPPG

BOSTON, Mar. 16, 2026 – NEPC, LLC (“NEPC”), a leading investment consultant and outsourced chief investment officer (OCIO), today announced the launch of Stratum One, a Pooled Employer Plan (PEP) designed to simplify retirement plan management and improve participant outcomes through fiduciary discipline, operational excellence, and market-leading technology.

Stratum One brings together a group of specialized partners to deliver a cohesive, institutionally governed defined contribution solution. NEPC will serve as the Pooled Plan Provider and 3(38) investment fiduciary, Empower will provide recordkeeping and advanced technology capabilities, and National Professional Planning Group (NPPG) will act as the independent 3(16) administrative fiduciary. By leveraging the scale of NEPC’s OCIO platform, Stratum One provides access to competitive investment pricing and disciplined oversight of plan investments, supporting better long-term outcomes for participants.

Together, the firms provide an integrated solution that addresses the growing complexity, risk, and internal resource demands associated with managing defined contribution plans, reducing administrative burdens for plan sponsors and advisors and allowing more time to focus on strategic advice, client relationships, and participant outcomes.

“Retirement plans have become increasingly complex for both employers and advisors to manage, and Stratum One was designed leveraging NEPC’s three decades of managing defined contribution plans across market cycles,” said Mikaylee O’Connor, Partner and Defined Contribution Team Leader at NEPC. “We’re excited to partner with Empower and NPPG to provide a true end-to-end offering spanning investments, recordkeeping, administration, and compliance within a single, well-governed framework that can accommodate varying plan designs and evolving employer needs.”

Stratum One will be available beginning May 1, 2026.

About NEPC, LLC

NEPC, LLC is a leading investment consultant, private wealth advisor, and OCIO provider, serving over 400 retainer clients and $1.9 trillion in total assets as of January 1, 2026. Combining a proprietary investment team dedicated to the long-term challenges facing investors with our client-centric model, NEPC builds forward-looking investment portfolios for institutional investors, ultra-high-net-worth individuals, and families. To learn more, visit nepc.com.

About Empower

Recognized as a leader in retirement services and wealth management, Empower administers approximately $2.0 trillion in assets for almost 20 million individuals through the provision of workplace and individual retirement plans, advice, financial planning, and investments. Connect with us on empower.com, Facebook, X, LinkedIn, TikTok, and Instagram.

About National Professional Planning Group, Inc.

NPPG and its affiliate companies offer full-service employee benefit consulting, retirement planning, actuarial consulting and ERISA fiduciary services. NPPG handles billions of dollars in assets for thousands of clients nationwide.

A full suite of compliance services including retirement plan third party administration for single employer plans, Multiple Employer Plans (MEPs) and Pooled Employer Plans (PEPs), overall regulatory consulting, plan correction, ERISA 3(16) administrative fiduciary services and Affordable Care Act (ACA) consulting.

NPPG customizes solutions to meet business and financial goals of its clients. NPPG clientele is made up of members of the New York stock exchange and NASDAQ, non-profit organizations, Fortune 500 companies, government agencies, as well as small entrepreneurial businesses, associations, and Professional Employer Organizations (PEOs). For more information, please visit www.nppg.com.

Media Contact:

Chaneigh Bernard

Prosek Partners
[email protected]

Milestone survey underscores shift toward passive TDFs, fee compression, and selective use of alternatives

BOSTON, MA – February 17, 2026 – NEPC, LLC (“NEPC”), a leading investment consultant and outsourced chief investment officer, today released findings from its 20th annual Defined Contribution (DC) Plan Trends Survey, which examines innovations across DC plans and notable shifts in participant behavior. The survey reveals a sustained shift toward passive target date funds (“TDFs”), an increase in managed account terminations, continued fee compression, changes in US large cap equity structures, and a selective approach to alternative investments.

Two decades of growth and fee compression

To mark the survey’s 20^th year, NEPC analyzed key metrics over the last two decades to examine the growing role that DC plans play in retirement outcomes. Over this period, DC plans in the survey expanded significantly, with plan assets growing 27-fold while the number of participants increased 8-fold.

This growth has been accompanied by sustained fee compression, as investment management fees have declined by approximately 67% over the past 20 years, driven by scale, competition, and changes in plan design. Recordkeeping fees also continued to trend lower, decreasing by 26% over the past decade.

“Viewed over a 20-year horizon, these trends reflect structural change rather than cyclical market effects,” said Emma O’Brien, Partner at NEPC. “Plan growth and fee compression are the result of deliberate sponsor decisions and ongoing refinement of the DC model.”

Shift toward passive and blended TDFs

TDFs continue to anchor DC plan design, with this year’s survey showing a sustained transition away from fully active strategies toward blended and passive implementations. Today, 59% of plans offer passive TDFs, reflecting lower implementation fees and increased glidepath risk-level flexibility available from passive providers.

“As target date funds represent a growing share of participant assets and contributions, plan sponsors are placing greater emphasis on glidepath construction, cost efficiency, and how default strategies address longevity risk,” said O’Brien.

Movement in the US large cap equity space

In the past five years, approximately one-third of DC plan sponsors have made a change to their US large cap equity options – an asset class that represents the largest share of participant assets outside of TDFs. These changes reflect the broader movement toward passive strategies, particularly within large cap growth, as well as a reassessment of traditional style-box offerings, such as value and growth.

Increased index concentration within U.S. large cap equities has contributed to these shifts, as active managers have faced growing challenges in consistently outperforming benchmarks. As a result, plan sponsors are reevaluating whether active management and style segmentation continue to deliver sufficient value within DC menus.

Managed accounts face increased scrutiny

Over the last three years, 14% of DC plans have terminated their managed accounts services. These decisions reflect more formal fiduciary reviews as DC governance has matured, along with heightened fee sensitivity and closer evaluation of participant engagement and personalization.

Plan committees are reassessing whether managed accounts deliver sufficient value relative to their cost.

Custom solutions and alternative investments remain selective

As interest in alternative investments continues to grow in today’s marketplace, 21% of DC plans use custom solutions, where exposure to private assets is more likely to occur. Within custom TDFs, private real estate is the most commonly used private asset, with 58% of custom TDF clients allocating to the asset class.

Interest in other private assets remains measured. While asset managers have increasingly promoted private equity and private credit solutions, DC plan sponsors continue to approach these offerings more cautiously, focusing on fees, liquidity, operational complexity, and participant suitability.

“Where private assets are used, sponsors tend to incorporate them selectively through custom solutions,” said Mikaylee O’Connor, Partner and DC Team Leader at NEPC. “The emphasis remains on understanding how these assets function within a DC framework and ensuring they align with fiduciary objectives.”

About NEPC’s 20^th Annual Defined Contribution (DC) Plan Trends and Fee Survey

The survey explores current investment trends, features, and innovations in key sectors, as well as how these plans have developed over time. Respondents to the 2025 survey include 148 clients representing $448 billion in aggregate assets and 3.2 million plan participants.

NEPC’s DC team will discuss the survey’s findings during a webinar on February 17, 2026. Those interested in hearing how NEPC is advising plans can register for the webinar here.

The 20^th Annual Defined Contribution (DC) Plan Trends and Fee Survey results can be downloaded here.

For additional information, please refer to the latest insights from the DC Solutions team here.

About NEPC, LLC

NEPC, LLC is a leading investment consultant, private wealth advisor, and OCIO provider, serving over 400 retainer clients and $1.9 trillion in total assets. Combining a proprietary investment team dedicated to the long-term challenges facing investors with our client-centric model, NEPC builds forward-looking investment portfolios for institutional investors, ultra-high-net-worth individuals, and families. To learn more, visit nepc.com.

Media Contact:

Prosek Partners
[email protected]

Boston, MA –  NEPC, LLC (“NEPC”), a leading investment consultant and outsourced chief investment officer, today announced that it has deepened its long-standing partnership with MSCI, a leading provider of critical decision support tools and services for the global investment community, by implementing MSCI’s Private Capital Solutions to enhance NEPC’s private markets analytics and capabilities.

Through this collaboration, NEPC will leverage MSCI’s private markets data, analytics, and research solutions to support portfolio construction, benchmarking, risk assessment, and performance analysis across private equity, private credit, real assets, and other private markets strategies. This collaboration reflects NEPC’s commitment to leveraging data-driven solutions and best-in-class technology to help clients navigate evolving market conditions amid growing demand for sophisticated private markets expertise.

“By expanding our work with MSCI, we are elevating the tools and insights we bring to clients as they evaluate opportunities, manage risk, and make informed investment decisions, reinforcing NEPC’s commitment to delivering high-quality analytics to clients,” said Kellie Kane, Partner and Chief Operating Officer at NEPC.

“As private markets allocations grow in scale and complexity, investors require deeper transparency, consistent benchmarking and more robust risk insights,” said Luke Flemmer, Head of Private Assets at MSCI. “We’re pleased to provide NEPC with integrated private capital data and analytics that enhance the precision and confidence behind their portfolio construction and advisory decisions.”

To learn more about MSCI’s Private Capital Solutions, visit here.

McCusker named successor CEO, transitioning to the role in January 2027

BOSTON, December 10, 2025 – NEPC, LLC (“NEPC”), a leading investment consultant and outsourced chief investment officer, today announced the appointment of Tim McCusker as President, effective January 1, 2026. McCusker has nearly two decades of experience at NEPC, most recently serving as Chief Investment Officer (“CIO”), and will work closely alongside Chief Executive Officer (“CEO”) Michael Manning over the next twelve months before transitioning to the role of CEO in January 2027. With McCusker’s appointment to President, Sarah Samuels has been appointed to CIO, following seven years at the firm as Partner and Head of Investment Manager Selection, overseeing private markets, public markets and hedge fund investments.

“It has been a privilege to lead NEPC and work closely with our clients over the last 28 years of significant growth and change,” said Manning. “As we celebrate our 40th anniversary and look to the next chapter of NEPC’s evolution, Tim is the right choice to lead us forward. He has played an integral role at NEPC over the last two decades and has always exemplified the qualities that define NEPC: deep investment expertise, sound judgement and an unwavering commitment to our clients and our people. Importantly, Tim has worked within all of our client segments and has a keen understanding of the challenges and opportunities they face. I am confident in the positive impact that he and the rest of the leadership team will have on NEPC, our clients, and the industry.” Manning will remain CEO of NEPC through 2026, before transitioning into a senior advisory role, where he will focus on client engagement, developing emerging talent, and helping to guide the firm’s strategic direction.

In his role as CIO, McCusker led investment strategy development for NEPC and was responsible for overseeing a group of over 72 professionals dedicated to investment research across alternative investments, public markets, asset allocation, portfolio construction and OCIO investment strategy. He has been instrumental in shaping the firm’s strategic direction, advancing the firm’s business priorities – including establishing NEPC’s OCIO practice as a core investment solution – while guiding clients through complex market environments. Over the last two decades, he has held several leadership positions at NEPC and has been a member of the firm’s Executive Team since 2014.

“I have always been proud to work for a mission-driven organization that makes a real impact on society, and it is a privilege to work alongside an incredibly talented team that cares deeply about helping our clients achieve their goals,” said McCusker. “From Mike and many others at NEPC, I’ve learned the value of true leadership and how vital our culture is to our success. Having spent my career here, I know how special this firm and our offerings are, and I am excited to build on NEPC’s legacy of integrity, innovation and partnership, and evolve our business while preserving the client-first mindset that defines who we are.”

As CIO, Samuels will leverage two decades of experience as both an allocator and investor, most recently leading NEPC’s 45-person investment team and serving as a member of the firm’s Management Group. Before NEPC, she held senior roles at Massachusetts Pension Reserves Investment Management Board, the Wellesley College Investment Office and Wellington Management Company. A respected industry leader, she chaired the CFA Society Boston Board, founded the Boston Chapter of the Private Equity Women Investor Network (PEWIN), and served as Chair of the Investment Committee and Board Director at the University of New Hampshire.

About NEPC, LLC

NEPC, LLC is a leading investment consultant, private wealth advisor, and OCIO provider, serving over 400 retainer clients and $1.7 trillion in total assets. Combining a proprietary investment team dedicated to the long-term challenges facing investors with our client-centric model, NEPC builds forward-looking investment portfolios for institutional investors, ultra-high-net-worth individuals, and families. To learn more visit nepc.com.

Contact
Prosek Partners for NEPC
Chaneigh Bernard
Prosek Partners
[email protected]

BOSTON–December 3, 2025—NEPC, LLC (“NEPC”), a leading investment consultant and outsourced chief investment officer, today announced the election of five new Partners and the promotion of four new Principals, reinforcing the firm’s ongoing investment in leadership, talent development, and long-term client excellence. These appointments will take effect on January 1, 2026.

2025 marked another year of meaningful growth for NEPC. These leadership advancements reflect the firm’s commitment to building a deep bench of seasoned professionals who bring insight, continuity, and forward-thinking solutions to an evolving investment landscape.

“Developing exceptional talent is central to who we are as a firm,” said Michael Manning, CEO of NEPC. “These individuals exemplify the expertise and integrity that define our culture, and we are proud to celebrate their continued growth and leadership within NEPC.  Each of them represents an area of strategic importance for NEPC and we are excited to recognize their impact on our clients and our firm.”

The newly elected Partners are:
Aaron Chastain, CFA, Corporate Team
Nick Mann, Private Markets Investment Team
Emma O’Brien, Defined Contribution Team
Mikaylee O‘Connor, Defined Contribution Team
Brian Parnell, OCIO Team

The new Principals are:
Sujatha Bhat, CFA, CAIA, OCIO Team
Colton Lavin, CFA, Private Debt Investment Team
Nina Petkova, Global Equity Investment Team
Shahin Shafai, Information Technology Team

Manning also stated, “Each of these leaders plays a vital role in strengthening our firm and advancing the high standard of service our clients rely on.”

For more information on NEPC’s employee workforce and to explore open opportunities, click here.

About NEPC, LLC

NEPC, LLC is a leading investment consultant, private wealth advisor, and OCIO provider, serving over 400 retainer clients and $1.7 trillion in total assets. Combining a proprietary investment team dedicated to the long-term challenges facing investors with our client-centric model, NEPC builds forward-looking investment portfolios for institutional investors, ultra-high-net-worth individuals, and families. To learn more visit nepc.com.

Media Contact

Chaneigh Bernard
[email protected]

19^th annual survey results emphasize growing need for more personalized retirement solutions

BOSTON, MA – MARCH 4, 2025 – NEPC, LLC, one of the industry’s largest investment consulting firms, today published the 19th annual edition of its Defined Contribution (DC) Plan Trends and Fee Survey, which examines emerging investment trends, including the shift toward passive investments and the increasing need for managed accounts to offer more personalized retirement solutions.

Potential in managed accounts

While over the last 20 years, NEPC has seen an increase in DC plans offering managed accounts, that trend has stagnated in the past 3-5 years – even starting to decline in 2025. This year’s survey found that nearly half of respondents (46%) offer managed accounts, though only 9% of participants are utilizing them.

The softening in managed accounts adoption highlights the need for a transformation in the business model as plan sponsors increasingly recognize that the current model, prevalent in many DC plans, is imbalanced, with providers reaping greater benefits than participants.

“We believe managed account providers can and do construct efficient investment portfolios, but plan providers, as fiduciaries, should push for improved outcomes for their plan participants through negotiating lower fees and seeking to better align the interests of the managed account providers with those of participants,” according to Mikaylee O’Connor, Principal, Head of Defined Contribution Solutions.

“A subscription-based model could align business incentives more closely with improved participant outcomes. By implementing a lower base fee for less engaged participants, providers can offer an entry-level option, while more engaged participants could access expanded investment options through tiered subscription offerings. This approach allows for flexibility in costs and features, catering to diverse participant needs and engagement levels.”

Growing appetite for passive

This year’s survey results also reveal that Target Date Funds (TDFs) have maintained their presence as a default retirement investment vehicle and continue to shrink the core menu, with 97% of survey respondents offering them, totaling $161 billion in TDF assets.

Over the last five years, there has been a significant shift in appetite for passive TDFs over active. This year’s survey found that 35% of survey respondents offer active TDFs, down 32% from 2020, when 67% of respondents offered active TDFs.

In comparison, most plans today (54%) offer passive TDFs, as assets in passive TDFs continue to annually outpace active. Only 11% of respondents offer a blend of both active and passive.

TDFs continue to be especially attractive for participants under the age of 35, as 86% of TDF investors are 100% invested in TDFs, in comparison to participants over the age of 65, where only 58% are 100% invested.

“Analyzing this year’s survey results through a long-term lens, we are excited by the ample opportunity for industry innovation, personalization, and increased accessibility in the defined contribution marketplace, especially across areas like alternative investments, managed accounts, TDFs and retirement income solutions,” added O’Connor.

About NEPC’s 19^th Annual Defined Contribution (DC) Plan Trends and Fee Survey

The survey explores current investment trends, features, and innovations in key sectors, as well as how these plans have developed over time. Respondents to the 2024 survey include 137 clients representing $408 billion in aggregate assets and 3.2 million plan participants.

NEPC’s Defined Contribution (DC) Practice team will discuss the survey’s findings during a webinar on March 6, 2025. Those interested in hearing how NEPC is advising plans can register for the webinar here.

The 19th Annual Defined Contribution (DC) Plan Trends and Fee Survey results can be downloaded below:

About NEPC, LLC

NEPC, LLC is a leading investment consultant, private wealth advisor, and OCIO provider, serving over 400 retainer clients and $1.7 trillion in total assets. Combining a proprietary investment team dedicated to the long-term challenges facing investors with our client-centric model, NEPC builds forward-looking investment portfolios for institutional investors, ultra-high-net-worth individuals, and families. To learn more visit nepc.com.

Media Contact:

Prosek Partners
[email protected]

BOSTON, January 13, 2025 — NEPC, LLC, one of the industry’s largest investment consulting firms, is pleased to announce the appointment of Michael (Mike) Contorno as Principal and Head of Defined Contribution (DC) Vendor Management. Mike joins the firm on Monday, January 13, 2025, reporting to Bill Ryan, Partner and Defined Contribution Team Leader. In this role, Mike will lead NEPC’s nationwide DC vendor management search practice.

Mike’s career spans consulting roles at Marsh & McLennan and Aon, as well as a tenure at Vanguard, where he played a key role in modernizing recordkeeping capabilities. “Mike’s diverse background uniquely positions him to elevate NEPC’s DC vendor management services to new heights,” said Bill Ryan. “His expertise and innovative approach make him the ideal leader to strengthen our offerings during a time of significant industry change and consolidation.”

In his new role, Mike will support NEPC’s Defined Contribution clients by helping them evaluate and optimize relationships with recordkeepers, financial wellness providers, executive compensation plans, and overall plan governance. As demand grows for enhanced vendor management services, Mike’s role will focus on expanding NEPC’s offerings to meet client needs and drive meaningful outcomes for plan participants.

“We have quietly served our DC clients exceptionally well for over a decade,” added Ryan. “Now, with Mike on board, we’re poised to expand our capabilities publicly, ensuring our clients benefit from best-in-class evaluations of their non-investment-related vendor relationships.

Mike’s appointment highlights NEPC’s ongoing commitment to delivering innovative, tailored solutions to its Defined Contribution clients, ensuring their plans and participants thrive in a complex and rapidly shifting landscape.

About NEPC, LLC
NEPC, LLC is a leading investment consultant, private wealth advisor, and OCIO provider, serving over 400 retainer clients and $1.7 trillion in total assets. Combining a proprietary investment team dedicated to the long-term challenges facing investors with our client-centric model, NEPC builds forward-looking investment portfolios for institutional investors, ultra-high-net-worth individuals and families. To learn more visit nepc.com.

CHICAGO and BOSTON, October 21, 2024 – Hightower Holding today announced that it will acquire a majority interest in NEPC, LLC (“NEPC”), a leading investment consultant and outsourced chief investment officer (“OCIO”). Combining under a common parent company will allow each organization, NEPC and Hightower Advisors (“Hightower”), one of the country’s leading RIAs, to expand their commitments to clients to deliver institutional-quality investment solutions and research-driven advice.

As more private wealth investors express interest in allocations to private market investments, NEPC’s institutional research and investment capabilities will bolster Hightower’s existing set of wealth management solutions for its advisors and their clients. With this transaction, NEPC’s clients will continue to receive investment advisory and OCIO services while creating a new growth channel in partnership with Hightower. A combined Hightower and NEPC strategically positions both firms across their target markets and adds scale and resilience. The combination of Hightower, its affiliates, and NEPC represents over $1.8T in AUA and $258B in AUM.

Similar to previous Hightower Holding investments, NEPC is expected to retain its culture, executive team, and investment process, ensuring no disruption to its existing business operations and client service. Additional enhancements to both organizations’ offerings will create new opportunities for NEPC to serve the private wealth channel. As part of the transaction, NEPC Managing Partner Mike Manning will join the Hightower Board of Directors upon closing.

“This is a transformational combination that highlights the future of financial services and wealth management. Our relationship with NEPC stemmed from the exciting and distinctive opportunity that both businesses can offer the private wealth market when combined,” said Bob Oros, Chairman & CEO at Hightower Holding. “We create a stronger whole by maintaining our company identities and deploying our strengths together. In partnership with NEPC, Hightower advisor practices will have expanded access to investment management solutions, research capabilities, and a compelling set of investment opportunities. We are excited to embark on this journey alongside NEPC and support their future growth in their current markets and new ones.”

“Since NEPC’s founding, our top priority has been to provide clients with pioneering investment solutions and consulting,” said Michael Manning, Managing Partner at NEPC. “Today’s announcement is a continuation of this commitment. Hightower represents the ideal partner for us, as we leverage the strong growth of our current clients and continue our expansion into the private wealth market, all while preserving the strong culture and investment solutions that our clients trust and rely upon. We are confident that our firm is strategically positioned for the future alongside Hightower, enabling us to deliver conviction and quality counsel to assist our clients in achieving their optimal outcomes.”

In the transaction, NEPC was advised by Moelis & Company LLC and Goodwin Proctor, LLP provided legal counsel. Hightower Holding engaged Berkshire Global Advisors to provide industry research on the institutional investment consulting and OCIO industry and Kirkland & Ellis, LLP provided legal counsel.

About NEPC, LLC