Tuesday, May 05, 2020 | 401kWire.com
A defined contribution industry provider ally on the East Coast is making a push in the government space on the West Coast. Matawan, New Jersey-based Enterprise Iron Financial Industry Solutions (EI), a company specializing in business operations, technology consulting and managed services, is now an authorized vendor with the California Multiple Award Schedule (CMAS) program, through which it will offer a complete suite of IT and non-IT services.
“Enterprise is pretty well known in the private sector retirement space, we have worked with pretty much every large recordkeeper in the space,” Tim Scott, EI partner, tells 401kWire. “There are multi-trillion dollars in assets in these public sector retirement plans, and so we thought there is an opportunity there, and we need to get to understand and be known in that industry and be able to see what of our private sector services could be translated over to the public sector.”
“We quickly identified a couple of challenges,” Scott continues. “One is that being known as a provider in that space because it is a fairly close knit group, everybody kind of knows everybody, so one of the things that we have done is we actually invested a lot of time and effort in becoming known in that space; participating in conferences, sitting on boards, to get to know people so they see a familiar face and name.”
“Once you do that, the next challenge is contracting, and every state has their own contracting process, so California is no different,” Scott tells 401kWire. “If you take a look at California, just with their teacher’s retirement system and employee retirement system, you have over $600 billion in assets right there, so if you throw in Los Angeles and San Francisco and all these other counties, you are probably talking about pushing a trillion dollars in assets.”
“California is the largest economy in the United States and what, the fifth largest in the world,” John Polito, EI’s CEO, tells 401kWire. “It’s a lineup of larger clients and it fits nicely in our wheelhouse.
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