Sep 30, 2021
If you’re worried that your employees aren’t saving enough for retirement, you’re not alone. A recent study shows that only 16% of employers think most of their employees are saving adequately for their golden years.
Now there’s another way you can help.
There’s a new type of 401(k) that can provide your employees with the kinds of benefits typically only found in the retirement plans of the nation’s largest companies. It’s called a pooled employer plan (PEP), and in addition to helping your employees, it can also save your organization time and money.
A PEP allows multiple, unrelated employers to join together in a single retirement plan and share costs by pooling participants and plan assets. A PEP also allows you to offload some of the burdens of managing a traditional 401(k)—daily operations, fiduciary risk and liabilities, and other obligations.
Are you a good candidate for a PEP?
Employers of all sizes can be candidates for a PEP, as well as employers that already sponsor a plan.
You should consider a PEP if you:
- Want to offer a more modern retirement plan to help you recruit and retain employees
- Want to begin offering a retirement plan, but want to limit expense, fiduciary liability and time commitment in running the plan
- Are looking for an alternative to a state-sponsored retirement savings plan
- Currently offer a 401(k), but want to reduce costs and outsource some responsibilities to an expert
- Currently offer a 401(k), but want a streamlined and “turnkey” plan that simplifies your plan administration and compliance obligations
Benefits for employers
- Cost effective
- Limits fiduciary liabilities
- Minimizes operational responsibilities
- Allows you more time to focus on your business
Benefits for employees
- Builds financial security
- Helps them prepare for retirement
The Newport Secure Retirement PEP
Check out our new video, read our digital brochure or visit newportpep.com to find out if the Newport Secure Retirement Pooled Employer Plan** may be right for your business. You focus on your business. We’ll focus on your retirement plan so you can help your employees feel more prepared and get started down the path to retirement readiness.
*US Bureau of Labor Statistics, 2020
**Registered as the Newport Secure Retirement Pooled Employer Plan with the Department of Labor.
Newport Group, Inc. and its affiliates provide recordkeeping, plan administration, trust and custody, consulting, fiduciary consulting, insurance and brokerage services. Investment Advisory and fiduciary consulting services are offered through Newport Group Consulting, LLC, a registered investment adviser and wholly owned subsidiary of Newport Group, Inc. For more information about Newport Group Consulting and its services, please visit newportgroup.com or refer to our Form ADV Part 2, which is available by contacting us at 407-333-2905, or visiting our website.
Newport Group, Inc. is a registered Pooled Plan Provider offering professionally-managed Pooled Employer Plans (PEPs). More information regarding Newport's registration and available plans can be found using the search function at www.efast.dol.gov.
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FOR INSTITUTIONAL USE ONLY. NOT FOR USE WITH THE PUBLIC.