Many real estate agents across the country have the opportunity to jump into the PEP pool as a result of a new deal between Realogy Holdings Corp. and The Platinum 401k, Inc.
Realogy, the largest full-service residential real estate services company in the U.S., on Sept. 28 announced the establishment of the SPARK Members Pooled 401k Retirement Plan.
Available exclusively to all real estate agents in the U.S. affiliated with Better Homes and Gardens Real Estate, CENTURY 21, Coldwell Banker, Corcoran, ERA and Sotheby’s International Realty who are Premium Level members in the SPARK Association of Real Estate Professionals personal and business benefits program, the new retirement plan offers real estate agents an easy and cost-effective way to save for their future as independent contractors.
A first of its kind in the real estate industry, the new SPARK Members Pooled 401k Retirement Plan provides Realogy-affiliated real estate agents the opportunity to easily set up their own 401k and take advantage of features such as a higher-than-average contribution limit of up to $64,500 per year and the ability to borrow tax-free for home purchases or other needs. The plan also offers members a significant offload of fiduciary liability, more investment options, and low administrative costs.
“As independent contractors, we know that convenience, savings and versatility is essential for Realogy’s affiliated real estate agents, and that retirement planning can sometimes seem confusing and stressful. That’s why we established this unique 401k retirement plan for our SPARK members to make the process as seamless and beneficial as possible,” said Realogy Executive Vice President of Product and Innovation, Simon Chen.
“We understand that many independent real estate professionals find it difficult to save for retirement since their income can vary from month to month, or because they are self-employed, they do not have access to an employer-sponsored 401k,” said Scott Reid, SPARK Membership Director. “Through SPARK in partnership with Realogy, we are pleased to offer our members a way to start saving for their future and do so easily with multiple ways to make contributions from their earnings and without many of the barriers that individuals who establish their own retirement plan can face such as set-up costs, ongoing audits and fiduciary exposure.”
SPARK is a membership association that was created by real estate professionals designed to offer real estate agents a selection of personal and business benefits, including access to individual healthcare, disability insurance, dental, vision and life insurance, as well as auto and home insurance, identity theft protection, cyber and data breach insurance, human resources solutions, workers’ compensation insurance and commercial property or building insurance and the new pooled 401k retirement plan.
The Platinum 401k is a leading resource for associations, advisors, and recordkeepers seeking outsourced retirement plan solutions for their members or clients.
SEE ALSO:
• ‘American 401(k) PEP’ Debuts from Pentegra, Leafhouse Financial
• How Deep is the 401k PEP Pool?
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
