A key feature of the SECURE Act is the establishment of Pooled Employer Plans (PEPs), which allow plan sponsors to pool their retirement resources with those of other employers and delegate most running-the-plan responsibilities to a third party. This has the potential to off load many of the day to day operations and mitigate a substantial amount of the risk associated with offering a retirement plan.
Plan Sponsors have the responsibility to choose a pooled employer plan (PEP) that is prudent for their employees that participate in their plan . Because these types of arrangements are new as of January 2021, very few in the industry have the expertise to undertake the task of properly vetting a PEP. You as the Plan Sponsor will retain the liability in choosing the best fit. The PEP Exchange provides you with the tools to choose wisely.
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In 2021 Pooled Employer Plans will allow companies a new way to offer a retirement plan. This will also create a whole new set of liabilities.
The playbook has not even been written yet! Are you prepared to undertake the requirements to select and monitor Pooled Employer Plan & its providers? Making the wrong choice can have dire consequences to you, your company and your participants. We are doing the research and due diligence so you can make a prudent decision on behalf of the participants you have a duty of loyalty to.