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Pooled employer plans (PEPs) are a compelling option for small and mid-size employers and advisors seeking efficient, cost-effective recordkeeping solutions – and by entering a PEP, the employer reduces its fiduciary responsibilities. However, only about 300 firms have registered with the Labor Department to sponsor the plans since Congress approved PEPs in late 2019, as part of SECURE 2.0.
“SECURE 2.0 has significantly expanded access to pooled employer plans …," said Darren Zino, head of retirement distribution at Transamerica, which offers pooled plan solutions. "Perhaps most notably, it's opened the door for 403(b) plans to participate, which is a significant change for non-profits and educational institutions. We're also seeing clearer guidelines on fiduciary responsibilities, particularly regarding contribution collection.”
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