Congruent, a Software-as-a-Service (SaaS) company, announced on April 2 that it has acquired IPX Retirement Edge, a specialized platform for retirement income solutions, from IPX Retirement.
IPX Retirement Edge helps retirement plans offer in-plan guaranteed income investment options, supporting the entire participant journey—from enrollment and education to investment selection, policy issuance, cashiering, and statement reporting.
Enhancing Retirement Solutions
Congruent stated that the acquisition will strengthen its ability to provide secure income options for retirement participants. Balaraman Jayaraman, CEO of Congruent, highlighted that the SECURE Act 2.0 has significantly reshaped the retirement landscape by encouraging plan sponsors to provide guaranteed income options.
Signed into law in December 2022, the SECURE 2.0 Act aims to boost retirement savings, expand plan access, and simplify regulations for employers and employees.
Simplifying Retirement Income Integration
Jayaraman noted that IPX Retirement Edge streamlines the integration of guaranteed income solutions within 401(k) plans. By automating key processes, the platform eliminates traditional barriers that make in-plan annuities difficult to manage.
With this technology, retirement providers can offer secure income options, reducing operational risks for recordkeepers and sponsors.
Expanding Congruent’s Retirement Offerings
Bill Mueller, CEO of IPX Retirement, said the acquisition will allow Congruent to enhance its CORE platform, creating better connectivity between plan service providers and retirement income providers.
“With IPX Retirement Edge, Congruent can offer a broader range of retirement solutions, ensuring a seamless experience for advisors, sponsors, recordkeepers, and participants,” Mueller added.
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Source: Moneycontrol.
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