401K Plan for Small Businesses
The Southern Ohio Chamber Alliance provides an extensive range of programs to local businesses of all industries in Ohio. We invite you to view the 401K plan below.
Pooled Employer Plans for Small Businesses
(Please contact your Chamber to determine if they offer this benefit.)
Many small businesses wish they could provide employees with a valuable retirement or 401(k) plan, but are concerned about:
Potential costs
Lack of time and expertise
Fiduciary responsibilities and liabilities
Thanks to new legislation, small-to-mid-sized employers can pool together in the same retirement plan, providing affordable retirement benefits like some of the largest companies in the country.
Under the SECURE Act (and now SECURE 2.0), employers can offer retirement plans and retirement savings to their employees through a Pooled Employer Plan (PEP).
This new kind of defined retirement contribution plan similar to the 401(k) plans, but have many advantages for both your business and your employees.
Benefit from the Newport PEP Today
As a SOCA member, your small business has the option of providing a retirement plan for your small business through the Newport Pooled Employer Plan (Newport PEP). In a Pooled Employer Plan (PEP), employers of all sizes, industries, and locations can join together and become member employers.
The Newport PEP retirement plan is responsible for establishing, management, fiduciary oversight, and operations of the retirement plan on behalf of the member employers.
Advantages of Your Pooled Employer Plan (PEP)
With the Newport PEP, member employers can take advantage of:
Cost Efficiencies- Costs are lower because they spread across a larger participant and asset base, thereby reducing the costs for each member of the plan.
Fiduciary Risk Mitigation- Fiduciary duties are outsourced to a plan advisor serving as an ERISA 3(38) investment fiduciary.
Operational Outsourcing- Newport Group is the Pooled Plan Provider (PPP) and assumes many of the administrative burdens on behalf of the member employers including eligibility, beneficiary tracking and plan disbursements.
Increased Focus- Member employers use fewer resources allowing more focus on growing revenues and profits in their business.
Retirement Plan Expertise- Retirement plan advisory services can be a major asset for your Ohio small business.
Advantages also Include:
For Member Employers:
402(a) named fiduciary
integrated 3(16) administrative fiduciary
3(38) advisor support services
Integrated trust and custody services
Digital access to all plan functions and information
Payroll contribution tracking and integration
integrated non-qualified plans
For Individual Employee Participants:
Full-function participant website and call center
Spanish website
Full suite participant education seminars
Financial wellness program
Integrated managed account services
It can be difficult to navigate the complex world of retirement planning for your Ohio small business. Discover how our Newport Pooled Employer Plan can help your small business provide affordable retirement benefits.
To learn more about the Newport PEP contact Dale Essenmacher, Regional Vice President of Newport Group at (248)212-3223 or dale.essenmacher@newportgroup.com