A Pooled Employer (401)k Plan (PEP) allows disparate small to medium sized businesses (SMBs), in different industries to band together to achieve economies of scale typically only achieved by larger organizations, which ultimately results in lower costs.
CalmHR’s PEP not only reduces costs, but significantly reduces SMBs administrative and fiduciary responsibilities and burdens.
Here is what moving to our PEP did for a company based in Virginia with $19 million in plan assets and 225 plan participants:
- Reduced their annual total costs from $190k down to $110k, an $80k (42%) annual cost saving.
- Significantly reduced their administrative costs and workload.
- Reduced their audit expense from $25,000 to $5,000.
- Reduced the time and effort involved in audit preparation and overall plan administration.
- Gained the highest level of fiduciary support and protection through our ERISA 3(16) & 3(38) services.
What about a smaller organization? Here is a company based in Maryland with $1.6 million in plan assets and only 15 plan participants:
- Reduced their annual total costs by roughly 22%, from $23k down to$18k.
- Significantly reduced their administrative costs and workload.
- Gained the highest level of fiduciary support and protection through our ERISA 3(16) & 3(38) services.
Are you sure that your plan is the best it can be? Kindly use our Schedule a Consult link for a brief introductory meeting to see how moving to our PEP could benefit your organization. It’s time for your PEP Talk!