Retirement plan administrator Invesmart of Pittsburgh landed business in the first quarter of this year to administer 274 additional 401(k) plans, 197 of which have asked the company to help them select investment options for their plan, in addition to Invesmart's standard record keeping and administrative services.
As an investment advisor to 401(k) plans, Invesmart works with plan sponsors on plan design, not with participants on individual asset allocation, an Invesmart spokesman said. Mark Gensheimer, co-founder of Invesmart and SVP of sales, attributed companies' interest in Invesmart's investment advice to its impartiality.
