Retirement plan service provider RPS Retirement Plan Advisors announced this week it has formed a new Pooled Employer Plan (or PEP) called the RPS SmartCourse Savings Plan which will allow employers to group their plans to gain access to better benefits, services, and rates.
RPS serves as the 3(38) Investment Fiduciary for adopting employers and has partnered with Ameritas BlueStar Retirement Services, LLC to provide third-party administrator (TPA) and recordkeeping services. TRG Fiduciary Services is the Pooled Plan Provider and Named Fiduciary.
“Offering a competitive 401k plan to employees is a must-have in today’s job market,” said Phil Webb, Vice President of RPS. “Utilizing the RPS SmartCourse Savings Plan makes it possible for companies of virtually any size to provide exceptional benefits with fewer headaches, and potentially lower fees.”
In addition to eliminating the need for individual companies to file a Form 5500 with the Department of Labor or have individual audits performed, a PEP allows companies to pool their purchasing power to access better benefits while at the same time reducing much of the administrative burden that comes with offering competitive 401(k) plans to employees. These new plan structures also allow employers flexibility in plan design for features like company match, auto-escalation, and more.
Previously, for companies to take advantage of similar benefits, they had to be part of an association or a Professional Employer Organization (PEO). Thanks to the passing of the SECURE Act of 2019, this requirement has been eliminated. Now, the marketplace is open and many more companies can reap the benefits of a PEP.
As a fee-only Registered Investment Advisor, 3(38) fiduciary advisor RPS Retirement Plan Advisors has delivered fiduciary services to its clients for more than 30 years. Austin, Texas-based RPS is a subsidiary of Richard P. Slaughter Associates, Inc., a wealth management firm founded in 1991. In 2010, Slaughter Associates launched a division to provide retirement plan services to bring the same array of investment choices to retirement plan clients as high net worth clients—quality portfolios that are balanced and diversified.
The retirement plan division was rebranded as RPS Retirement Plan Advisors in 2013 to better articulate the dedicated retirement plan services offered.
SEE ALSO:
• New PEP from Qualified Plan Advisors Targets Employers of All Sizes
• The Best Qualified Default Investment Alternative for Pooled Employer 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.