Two of the reasons most commonly cited by small business owners for not offering a retirement plan are the beliefs that their business is too small to qualify and that they can’t afford a match.
The largest small employers may be the most interested.
The firm says its new retirement plan offering, targeted at small employers, is ‘value focused’ and tailored specifically for efficiency.
The pooled plan solution is being launched in partnership with Newport Group.
Franklin Templeton has selected a new group plan recordkeeper in Transamerica, while PRI and Waypoint have formed a new joint company called Group Plan Systems.
Transamerica is collaborating with FuturePlan by Ascensus on a new group plan solution, while Fidelity and Paylocity are partnering to enhance the Fidelity Advantage 401(k) pooled employer plan.
Industry professionals who work with lawmakers in Washington say they remain hopeful that retirement security issues will be addressed in the federal government’s budget for fiscal year 2022.
The objective of the new pooled employer plan will be to create as close to a complete environmental, social and governance investment lineup as possible.
The Direct Fiduciary program aims to allow companies to significantly reduce the amount of time spent managing an individual 401(k) plan by outsourcing administrative and investment fiduciary responsibilities.
The introduction of the Improving Access to Retirement Savings Act could be a key step toward eventual passage of retirement reforms that build on the momentum of the SECURE Act.
It focuses on MEPs, PEPs and aggregation programs.
The markup hearing, punctuated by a unanimous vote to advance the legislation, demonstrated that retirement security issues are capable of bringing together members of Congress who don’t agree on much else.
Sources say the House Ways and Means Committee will likely vote to advance the Securing a Strong Retirement Act of 2021, often called a follow-up to the SECURE Act, as soon as tomorrow afternoon.
While there is still a learning curve when it comes to advisers understanding their role in the pooled employer plan marketplace, providers entering the space say the future is bright.
PEP-RFP.com offers three levels of service, from access to a database about pooled plan providers and their pooled employer plans to a full request for proposals process.