The landscape of the retirement plan industry is quickly evolving. Staying on top of the latest trends means knowing what tools you have at your disposal. Enter Pooled Employer Plans, or PEPs. PEPs are a compelling option for employers and advisors seeking efficient, cost-effective recordkeeping solutions.
The Setting Every Community Up for Retirement Enhancement Act, or SECURE Act, is ushering in a new era for retirement plans. But what are PEPs? What are the factors to consider when determining if PEPs are right for them? Let's dive in to learn more.
|The evolution of retirement plans fiduciary responsibilities
Before diving into the specifics of PEPs, let's look at the landscape of retirement plans over the years. For decades, employer-sponsored retirement plans have been the cornerstone of retirement planning. They offer tax advantages in an employer-sponsored savings vehicle. Yet the traditional model had limitations. Smaller businesses, employers with limited resources, and plan sponsors who lack the knowledge to administer retirement plans were all at a disadvantage.
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