CBIZ Debuts PEP for Mid-Market Businesses

CBIZ Inc., a national financial and advisory service provider, announced Thursday the launch of the CBIZ Retirement Advantage PEP, a pooled employer plan for middle-market businesses.

CBIZ is the 3(16) fiduciary and 3(38) investment manager and third-party administrator for the PEP. AmericanTCS is the pooled plan provider and Empower Retirement LLC is the recordkeeper for the PEP.

According to CBIZ’s announcement, the PEP has a “level of oversight and discipline typically associated with large-plan providers,” offering a “broad suite” of employee benefits, insurance, payroll and advisory services. It also provides compliance and reporting services.

CBIZ is also “actively considering a 403(b) PEP,” according to a company spokesperson. 

The PEP market had about $30 billion in assets as of the end of 2025, according to the Georgetown Center for Retirement Initiatives. The 2026 PLANSPONSOR Recordkeeping Survey reported that 10,797 employers have adopted PEPs for their 401(k) or 403(b) participants, up from 7,454 in the 2025 edition—a 44.8% increase.