Penelope

Penelope is a retirement savings platform that provides simplified 401(k) plans for small and micro businesses. Through a low-cost subscription model, the platform automates employee investing, streamlines costs and paperwork, and offers choices between Pooled Employer Plans (PEP), traditional 401(k)s, and Solo 401(k)s. The platform eliminates hidden fees and complexities to help employers set up retirement plans while reducing fiduciary liability and administrative burden. In March 2024, Penelope partnered with Navia Benefit Solutions to offer white-label 401(k) plan offerings, allowing non-retirement third-party administrators to grow their businesses while maintaining a cohesive brand experience. The platform is designed to help small businesses comply with state regulations requiring companies to offer qualified retirement plans.

Penelope's technology platform aims to make retirement planning more accessible and affordable for small business owners across demographics, including minorities, family-owned businesses and solo entrepreneurs. The company provides practical savings tools for employees and uses simple language instead of complex industry jargon in its documentation. Through automation and a self-serve business model, Penelope has streamlined the process of setting up and managing retirement plans for small businesses.

Key customers and partnerships

Penelope partnered with Navia Benefit Solutions in March 2024, a consumer-directed benefits provider serving over 10,000 employers across all 50 states, to offer white-label 401(k) plan offerings. The partnership allows Navia to provide a more comprehensive suite of integrated benefit offerings including flexible spending accounts, health savings accounts, health reimbursement arrangements, commuter plans, wellness plans, and COBRA administration.