POOLED
EMPLOYER PLAN
Pooled Employer Plan
Elevate your 401(k) experience with The Concierge 401(k) Pooled Employer Plan. We are your partner for a financially bright future.
What is a PEP?
- Pooled Employer Plans were created in the SECURE Act (1.0) that was passed in December 2019.
- It allows unrelated employers to join a single retirement program.
- The PEP is available for new and existing 401(k) plans.
Pooled Employer Plan (PEP) Advantages
- Custom 401(k) Offering – Many traditional PEPs are riddled with conflict of interest – there is no independent party watching out for your interests. To address this concern, Hilb Group has built a unique offering that is customized to your company. The Concierge 401(k) offers an independent Pooled Plan Provider (PPP), which serves as the plan trustee and fiduciary, and is responsible for the plan on your behalf. They have authority over your plan advisor, administrator, and plan providers. Also, you can pick from multiple service providers for the fit that best suits your needs.
- Plan Design Flexibility – Many traditional PEP models don’t offer a lot of flexibility for plan design features, such as eligibility, employer contributions, vesting schedules, and automatic enrollment. Each member company gets forced to use the same features as other adopters. The Concierge 401(k) not only offers an independent fiduciary but provides you flexibility in designing your plan for your company needs.
- Simplified Employer Responsibilities – Eliminates many administrative and fiduciary responsibilities for the employer, as compared to operating a single employer plan.
- Enhanced Fiduciary Protection – The advantages of having an independent plan trustee and fiduciary means reduced fiduciary risk for you as the employer.
- Audit Cost Reduced – The Concierge 401(k) takes the burden of conducting the audit off your shoulders, which can translate to potential cost savings for larger employers.
- Form 5500 & Audit Eliminated – In a PEP, the Form 5500, and the associated plan audit, is handled at the master plan level by the plan’s independent fiduciary, which eliminates the need for those tasks (and associated costs and time spent) at the adopting employer level.
- Reduced Plan Document Maintenance – The plan documents are managed at the master plan level for each member in the PEP, so you don’t have to worry about amending your plan when the government rolls out a rules change.
Retirement Plans Have Never Been Easier
PEP compared with a traditional plan*
Experience personalized support and guidance tailored just for you. Don’t wait—take the next step towards a brighter retirement today!
Concierge401k@hilbgroup.com | 800-678-1700 x1164