10 considerations for employers when choosing a PEP – BenefitsPro

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Employers interested in joining one will need to carefully assess several factors according to the American Academy of Actuaries.

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We can expect quite a few Pooled Employer Plans (PEPs) to be available this year, and employers interested in joining one will need to carefully assess certain essential information about the plans they are considering before signing on the dotted line, according to the American Academy of Actuaries.

The new class of workplace retirement savings vehicles was created by the Setting Every Community Up for Retirement Enhancement (SECURE) Act passed in 2019. The goal of the legislation was to increase the availability of retirement savings plans to the nearly half of American workers who don’t have access to a plan at work. Many of those workers are employed by small businesses who don’t sponsor plans due to cost, liability concerns and administrative burden.

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