(Please contact your Chamber to determine if they offer this benefit.)
Many small business owners wish they could provide employees with a retirement plan, but are concerned about:
Thanks to new legislation, small-to-mid-sized employers can now pool together in the same retirement plan, providing affordable benefits similar to some of the largest companies in the country.
Under the SECURE Act, the first significant retirement-related legislation in more than a decade, employers can offer retirement plans to their employees through a Pooled Employer Plan (PEP). A PEP, available January 2021, is a new kind of defined contribution plan similar to the 401(k) plans offered by individual employers, but with many advantages for your business and your employees.
Overview and Advantages of a PEP
In a PEP, employers of all sizes, industries, locations etc. can join together and become a "member employer" through the SOCA Pooled Employer Plan (SOCA PEP). The Newport Group the Pooled Plan Provider (PPP) of the SOCA PEP is responsible for establishment, management, fiduciary oversight and operations of the plan on behalf of the member employers. In the SOCA PEP, member employers can take advantage of:
For Member Employers
For Individual Employee Participants
To learn more about the SOCA PEP contact Dale Essenmacher, Regional Vice President of the Newport Group at (248) 212-3223 or email@example.com