Another PEP has popped up.
Integrated Partners, a national financial planning and registered investment advisory firm, with advisory and brokerage assets of approximately $9 billion, announced today that it has teamed with the Massachusetts Society of CPAs (MSCPA) to bring Pooled Employer Plans (PEP) to their members, in an effort to bring access to lower cost employer-sponsored retirement plans to more Americans.
In announcing the news, Waltham, Mass.-based Integrated Partners cited the SECURE Act legislation as enabling small- and medium-businesses to offer PEPs in an easier, cheaper and more efficient way, greatly increasing their appeal. Many business owners view traditional retirement plans to be cost-prohibitive and an administrative burden.
“Congress and the IRS noticed this 55 million coverage gap out there and recognized that this is a big deal. We as an industry have said for years that we needed to remove these hurdles for business owners,” said William D. Hackler, Integrated Partners’ Retirement Plan Specialist and the founder of the Integrated 401(k). “Those hurdles have now been removed by this legislation, paving the way for Pooled Employer Plans—it is vital that business owners be made aware.”
A PEP, Integrated Partners noted, provides significant benefits and cost savings for business owners, including tax benefits and outside administrative support via a third-party administrator.
“We wanted to add value to our member firms in a way that helped them retain talent and be able to focus more on growing their businesses,” said Amy Pitter, President and CEO, MSCPA. “Integrated and their advisors have been a longtime trusted partner to our CPAs. So, when we heard they were launching a PEP it was a no-brainer to bring this to our members as a benefit.”
In today’s competitive environment, Integrated Partners said retaining key employees is critical. If a business does not already have a pre-tax program in place, chances are it is because they are known to be too expensive, the owners simply do not have time to be burdened with the plan administration or they thought their company was too small to have one, the company said in a statement, concluding: “Pooled Employer Plans render all of these barriers to establishing a high-quality retirement plan for small to mid-sized businesses, obsolete.”
SEE ALSO:
- Are PEPs ‘Instrumental’ in Closing the 401k Coverage Gap?
- Paychex is Latest to Introduce a Pooled Employer Plan
- A Different Kind of GoP (Group of Plans)
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.
