Paychex Will Offer PEP in January
The company contends its PEP offers greater levels of efficiency, as it can be integrated with the Paychex payroll.
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In response to the provisions of the Setting Every Community Up for Retirement Enhancement (SECURE) Act, Paychex will sponsor and maintain a pooled employer plan (PEP).
Paychex says its goal is to make a cost-effective retirement plan available to all businesses nationwide. The Paychex PEP will include reduced fiduciary liability for employers, simplified plan management and reduced plan expenses, when compared with single-employer retirement plans.
“Not only has the COVID-19 pandemic made business more complex than ever before, [but] it’s significantly impacted the financial security of millions of Americans,” says Tom Hammond, vice president of corporate strategy and product management at Paychex. “Expanding retirement plan access is critical to the long-term financial well-being of workers nationwide. Our ne