The new Paychex PEP is proving to be an appealing choice for business owners seeking a simpler, cost-efficient plan option, both for themselves and their qualified workers, in the short time since PEPs became available as a result of the SECURE Act.
FREMONT, CA: Paychex, the HR software and services company that provides the power of simplicity for increasingly complex workplaces, has declared their Pooled Employer Plan (PEP), offering added 2,000 clients since launch.
The new Paychex PEP is proving to be an appealing choice for business owners seeking a simpler, cost-efficient plan option, both for themselves and their qualified workers, in the short time since PEPs became available as a result of the SECURE Act. According to PLANSPONSOR magazine, Paychex has been the number one 401(k) recordkeeper in the country for the past ten years. Among retirement plan suppliers, the firm was one of the first to implement a PEP.
"From day one, it was our mission to get this solution to businesses which have long been on the sidelines without an established 401(k) plan or other retirement savings vehicle. Traditionally, the complexity of plan management and the overall cost has been a barrier. But with our PEP, many of those challenges have been addressed," stated Tom Hammond, Paychex vice president of corporate strategy and product management. "The Paychex PEP simplifies plan administration, and the sign-on process is easier too. With one signature, a business is set up with a fully managed retirement plan offering. We're giving workers access to a robust retirement plan benefit and allowing them to prepare for their financial future confidently."
