Paychex, the large payroll services provider, will launch a pooled employer plan, or PEP, on Jan. 1, the first day the new plans can be provided under provisions of the SECURE Act.
As a pooled plan provider, Paychex will act as both plan sponsor and formal plan administrator, relieving employers — especially small to midsize businesses — of significant fiduciary and administrative burdens.
Businesses currently offering an employer-sponsored qualified retirement plan are able to merge their plan and assets into a pooled program to potentially save time and money, Paychex said in a release.
Mesirow Financial will serve as the 3(38) investment manager of the Paychex program and Mid Atlantic Trust Co. will serve as the trustee.
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