Ameritas has announced the launch of the Pooled Employer Plan (PEP), now available on Ameritas' flexible retirement plan platform. PEPs allow unrelated companies or organizations (adopting employers) to band together and garner the purchasing power that currently eludes many hardworking business owners.
Ameritas, whose history managing pooled plan arrangements spans more than 20 years, will serve as the recordkeeper, with TRG Fiduciary Services serving as the pooled plan provider. LeafHouse Financial, a discretionary investment manager with deep expertise in the retirement industry, will act as the plan 3(38) investment fiduciary, using their proprietary technology to select, evaluate and monitor investments. Charles Schwab Trust Bank will serve as directed trustee.
The 2019 Setting Up Every Community for Retirement (SECURE) Act allowed for the creation of PEPs in 2021. Prior to the act, businesses were only able to join under a multiple employer plan requiring certain commonality.
"PEPs pave the way for Ameritas to help the lifeblood of our communities—small business and local organizations. They can offer a competitive retirement plan to their employees, helping them achieve financial security and overall wellness. Every U.S. worker deserves the chance to save for a dignified retirement. We're a leader in establishing and growing multiple employer plans and pooled employer plans, and now we have one of our own. Our PEP gives small and mid-size businesses and organizations the opportunity to establish a retirement plan with more ease and alleviates those common roadblocks that cause resistance toward sponsoring a plan," said Jim Kais, executive vice president of retirement plans for Ameritas. "Plan sponsors will now have a viable solution that reduces costs, lessens administrative burdens, and most of all, minimizes financial and legal risk."
"What's great about the new pooled employer plan from Ameritas is that both specialist advisors and generalist financial professionals can grow their practice while streamlining administration. And with our flexible platform and managed account options, financial professionals can satisfy varying investment appetites and offer personalized plans," added Scott Holechek, Ameritas institutional sales leader and pooled employer plan thought leader.
About Ameritas®
Ameritas is a marketing name for Ameritas Mutual Holding Company and its affiliated subsidiary companies, including Ameritas Life Insurance Corp. and Ameritas Life Insurance Corp. of New York. Founded in 1887, Ameritas offers a wide range of insurance and financial products and services to individuals, families and businesses. These products and services include life insurance; annuities; individual disability income insurance; group dental, vision and hearing care insurance; and retirement plans. For more information, visit ameritas.com.
About Charles Schwab Trust Bank
Charles Schwab Trust Bank, Member FDIC, is a subsidiary of the Charles Schwab Corporation, and provides trust, custody and deposit products and services to employee benefit plans. Investment products are not insured by FDIC or any other type of deposit insurance; are not deposits or other obligations of, and are not guaranteed by Charles Schwab Trust Bank or any of its affiliates; and involve investment risks, including possible loss of principal invested.