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iVEZT and LEGG MASON Launch EZ IRA Retirment Savings Platform to Offer Payroll Deduction IRA to Small Businesses

Sarasota, FL -- April 15, 2016– iVEZT LLC, an early stage company, launched today. iVEZT will offer the EZ IRA retirement savings platform to small businesses that wish to provide payroll-deduction IRAs to their employees. Legg Mason holds a 30 percent interest in iVEZT.

There are approximately 68,000,000¹ American workers without access to an employer-sponsored retirement savings plan. EZ IRA’s goal is to broaden the availability of a retirement savings program to underserved American workers by partnering with leading payroll companies that serve the small business market.

iVEZT is in the process of rolling out the EZ IRA platform including its proprietary enrollment and account management technology with Payce Inc., a Maryland-based payroll company with over 2,200 clients.

“The number of people in the U.S. without a way to save for retirement through their work is alarming, especially when we know that saving at work is a major contributor to long-term retirement saving success” said Gary Kleinschmidt, Head of DCIO Sales for Legg Mason. “iVEZT, through EZ IRA, will provide a simple, inexpensive systematic payroll deduction program for small businesses to offer their employees a chance to save for their retirement. iVEZT’s solution is called EZ IRA for a very good reason – because they are working to make it easy for employers to provide and for employees to participate in retirement savings programs..”

Automated Tech Platform Simplifies Process

EZ IRA is a payroll-deduction retirement savings platform that simplifies the process for employees to save through their payroll. Participants will be able to sign up and select either a traditional or Roth IRA, and determine the amount to be automatically deducted from their regular paycheck. The retirement savings platform will provide participants on-demand, real-time, 24/7 access to account information, access to a financial advisor to assist with investment selections, periodic account statements and the ability to manage their investments across a wide variety of Legg Mason mutual funds offered through Legg Mason Investor Services, LLC. Participants will own their EZ IRA account, making it portable should they change jobs.

iVEZT engaged with Aspire Financial Services, a leading retirement plan recordkeeper, to provide recordkeeping and administrative services for the EZ IRA program and provide all stakeholders with access to its cost-effective technology platform.

“Aspire is pleased to be at the forefront of a retirement solution with great business partners that can truly make a difference for the millions of Americans who need convenient access to a retirement savings program. Our technology platform has streamlined the connectivity issues while enhancing the retirement savings experience,” stated Pete Kirtland, Aspire’s CEO.

“It is a pleasure working with Legg Mason to launch iVEZT, given their commitment to help solve the retirement coverage crisis, said Jeff Harris, CEO of iVEZT. “We aim to deliver accessible retirement savings options and industry-leading tools that simplify the enrollment process for employers and their employees, affording the opportunity to increase retirement savings to those who need it most.”

Ease of Use

EZ IRA will also provide participants with access to a universe of financial advisors from across the country that are prepared to assist employers with implementation and employees with investment

selections. EZ IRA’s retirement savings platform will offer educational information and several calculators to help participants understand the benefits of saving and investing for retirement. Other benefits include no employer contributions, no fiduciary liability, no participant restrictions and ease of enrollment in three steps.

Payroll providers can play a critical role for American workers on their path to retirement readiness,” said Kathleen Kennedy Townsend, former Maryland lieutenant governor, Founder and Faculty director of the Center for Retirement Initiatives at Georgetown University’s McCourt School of Public Policy. “Payroll companies serve the needs of America’s small business community – a community that employs the vast universe of workers who do not have the ability to save for retirement through their workplace. By enlisting the support of payroll companies to make platforms like EZ IRA available to small business owners, while simplifying the ability of owners to offer a payroll-deduction solution to their employees, they are helping millions of Americans take that first step toward a dignified retirement.”

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iVEZT was formed to develop a retirement savings platform and help address the needs of the 68 million Americans workers who do not have access to an employer-sponsored retirement savings plan. iVEZT is 70% owned by Jeff Harris, the Company’s chief executive officer, and certain of his affiliates, and 30% owned by Legg Mason, Inc. For more information about iVEZT’s EZ IRA solution, visit


Legg Mason is a global asset management firm with $669.6 billion in assets under management as of March 31, 2016. The Company, through its affiliates, provides active asset management in many major investment centers throughout the world. Legg Mason is headquartered in Baltimore, Maryland, and its common stock is listed on the New York Stock Exchange.

Legg Mason mutual funds are distributed by Legg Mason Investor Services, LLC, member FINRA, SIPC.

Legg Mason Investor Services, LLC is a wholly-owned subsidiary of Legg Mason, Inc. Legg Mason is not affiliated with Aspire Financial Services.

Before investing, carefully consider a Fund’s investment objectives, risks, charges and expenses. You can find this and other information in each prospectus, or summary prospectus, if available, which is available at Please read it carefully.

All investments involve risk, including loss of principal

©2016 Legg Mason Investor Services, LLC, member FINRA, SIPC. Legg Mason Investor Services, LLC is a subsidiary of Legg Mason, Inc

¹ U.S. Department of Labor, EBSA Fact Sheet: State Savings Programs for Non-Government Employees (Nov. 16, 2015).

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