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Ohio Small Businesses Retirement Plans

The Southern Ohio Chamber Alliance provides an extensive range of benefits to local businesses of all industries in Ohio We invite you to view our list of benefits below.  

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Pooled Employer Plans for Small Businesses

(Please contact your Chamber to determine if they offer this benefit.)

Many small businesses wish they could provide employees with a valuable retirement or 401(k) plan, but are concerned about: 

  • Potential costs 
  • Lack of time and expertise 
  • Fiduciary responsibilities and liabilities 

Thanks to new legislation, small-to-mid-sized employers can pool together in the same retirement plan, providing affordable retirement benefits like some of the largest companies in the country. 

Under the SECURE Act (and now SECURE 2.0), employers can offer retirement plans and retirement savings to their employees through a Pooled Employer Plan (PEP).  

This new kind of defined retirement contribution plan similar to the 401(k) plans, but have many advantages for both your business and your employees. 

Benefit from the SOCA PEP Today 

As a SOCA member, your small business has the option of providing a retirement plan for your small business through the SOCA Pooled Employer Plan (SOCA PEP). In a Pooled Employer Plan (PEP), employers of all sizes, industries, and locations can join together and become “member employers”. 

The SOCA PEP retirement plan is responsible for establishing, management, fiduciary oversight, and operations of the retirement plan on behalf of the member employers.  


Advantages of Your Pooled Employer Plan (PEP) 

With the SOCA PEP, member employers can take advantage of: 

  • Cost Efficiencies - Costs are lower because they spread across a larger participant and asset base, thereby reducing the costs for each member of the plan. 
  • Fiduciary Risk Mitigation - Fiduciary duties are outsourced to a plan advisor serving as an ERISA 3(38) investment fiduciary.  
  • Operational Outsourcing - Ascensus is the Pooled Plan Provider (PPP) and assumes many of the administrative burdens on behalf of the member employers including eligibility, beneficiary tracking and plan disbursements.  
  • Increased Focus - Member employers use fewer resources allowing more focus on growing revenues and profits in their business.  
  • Retirement Plan Expertise- Retirement plan advisory services can be a major asset for your Ohio small business. 

Advantages also Include: 

For Member Employers:

  • 402(a) named fiduciary 

  • integrated 3(16) administrative fiduciary 

  • 3(38) advisor support services 

  • Integrated trust and custody services 

  • Digital access to all plan functions and information 

  • Payroll contribution tracking and integration 

  • integrated non-qualified plans 

For Individual Employee Participants:

  • Full-function participant website and call center 

  • Spanish website 

  • Full suite participant education seminars 

  • Financial wellness program 

  • Integrated managed account services 

It can be difficult to navigate the complex world of retirement planning for your Ohio small business. Discover how our SOCA Pooled Employer Plan can help your small business provide affordable retirement benefits. 

To learn more about the SOCA PEP contact Dale Essenmacher, Regional Vice President of Newport Group at (248)212-3223 or 

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