The recently enacted provisions of the SECURE Act can offer Associations the opportunity to utilize a custom-branded (in the name of their Association) Pooled Employer Plan for their members. These unique programs, which go into effect in January 2021, eliminate individual annual plan audits and Form 5500 filings while also providing you with the ability to utilize a U.S. Department of Labor registered Pooled Plan Provider as the plan sponsor (instead of the Association!).
As one of the country’s most experienced independent third party administrators with nearly a decade of experience serving as a 3(16) Plan Administrator to multiple employer plan clients, we can assist or become fully engaged in oversight of your Pooled Employer Plan. We have over 30 years of experience working with multiple employer plan clients across the country.
Our affiliate, Plan Compliance Services, Inc. is expected to be approved as a Pooled Plan Provider for Pooled Employer Plans once the U.S. Department of Labor finalizes new regulations and registration procedures in late 2020.
Founded in 2001, Plan Compliance Services maintains $3,000,000 in Errors & Omission Liability Coverage specifically for their duties as a 3(16) Plan Administrator.
An Association Pooled Employer Plan can provide a dramatic reduction in an employer’s fiduciary liability. They no longer serve as the Plan Administrator or Trustee of their own plan, nor are they responsible for fund selection and monitoring duties.
Individual annual plan audits and Form 5500 filings will become a thing of the past under a Pooled Employer Plan.
And members of the program will benefit from pooling their plan assets with those of potentially hundreds or thousands of other association members, resulting in pricing concessions that are usually reserved just for large retirement plans. The internal cost savings to the plan participants can be dramatic – perhaps as much as 50% or more!
With over 60 years of retirement plan industry expertise between them, The Platinum 401k leadership enjoys one of the top reputations in the industry for successful innovative retirement plan solutions for companies across America.
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