Penelope
Cloud-native retirement plan recordkeeping and administration for TPAs, advisors, and recordkeepers.
Overview
Penelope is a cloud-native recordkeeping and retirement plan administration platform purpose-built for Third-Party Administrators (TPAs), recordkeepers, and financial advisors. Founded in 2021 by Jean Smart, Penelope was created to replace legacy retirement plan administration systems with a modern, API-first platform that reflects familiar, intuitive app conventions.
The platform serves the small and micro business retirement plan market, enabling TPAs to grow market share, expand their client base, and integrate health and wealth offerings while lowering operating costs. Penelope is SECURE 2.0 compliant from inception and deliberately avoids selling directly to employers -- preserving its TPA and advisor channel partnerships.
The company was inspired by the 60 million Americans working in small businesses who lack access to affordable 401(k) options. Penelope offers a low-cost, subscription-based model without hidden fees, making retirement plan access more equitable for smaller employers and their employees.
Products & Services
Cloud-Native Recordkeeping Platform
Modern retirement plan administration system designed to replace outdated legacy systems. Built with familiar app conventions and an intuitive UX for plan administrators and advisors.
Key Features
- End-to-end retirement plan recordkeeping
- White-label customizable dashboards and email templates
- Global admin dashboard for multi-plan management
- SECURE 2.0 built-in compliance from inception
Target Users: TPAs, recordkeepers, financial advisors
Payroll Processing & Integrations
Unified payroll integration layer supporting 150+ payroll providers through a single API connection.
Key Features
- 150+ payroll provider integrations via unified API
- Validation error highlighting for data quality
- Partial processing capabilities to reduce payroll friction
Target Users: Plan administrators, HR teams
Compliance & Reporting Engine
Flexible on-demand reporting for compliance, revenue, billing, and compensation requirements tailored to TPA-specific needs.
Key Features
- Custom compliance report generation
- Revenue and billing reporting
- Compensation reporting for advisors
Target Users: TPAs, compliance officers
Loan Processing
Participant-initiated loan request workflow with automated review and approval mechanisms.
Key Features
- Participant self-service loan requests
- Automated loan review and approval workflows
- Participant dashboards for loan tracking
Target Users: Plan participants, administrators
White-Label Solutions
Configurable platform enabling TPAs and advisors to deliver retirement services under their own brand identity.
Key Features
- Customizable user interfaces and email templates
- Cohesive brand experience for TPA clients
- Rapid deployment for non-retirement TPAs entering the 401(k) space
Target Users: TPAs, financial advisors
At a Glance
- Founded
- 2021
- Headquarters
- New York, New York, USA
- Employees
- 11-50
- Funding
- Seed
Category & Focus
- Category
- Core Administration
- Subcategories
- Retirement Plan Recordkeeping TPA Technology Benefits Administration
- Insurance Verticals
- Group Benefits
- Target Customers
- TPAs, Agents/Agencies, Employers
Customers
- Navia Benefit Solutions (white-label 401(k) partnership, announced March 2024)
Links
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Last updated: 2026-06-05