Pooled Employer Plans for 401(k)s are growing in popularity for small businesses. Here’s why it can save you money.

The legislation also has a lesser-known provision that expands the availability of pooled employer plans (PEP). Whether your business already has a 401(k), or you need to start one, you should be considering a PEP. Why? Because a PEP can save you and your employees a lot of money — and potential headaches — by allowing you to pool retirement plan assets with other companies and share an administrator to oversee the funds. “We’ve seen a big jump in the number of clients moving to our retirement plan administrative services over the past year, thanks to PEPs,” said <a href="https://www.paychex.com/newsroom/executive-bios/michael-majors" rel="noopener ugc nofollow" target="_blank">Michael Majors</a>, a vice president of human resources services at the payroll processing firm Paychex. The firm <a href="https://www.prnewswire.com/news-releases/paychex-surpasses-100-000-milestone-for-number-of-401k-clients-served-301569911.html" rel="noopener ugc nofollow" target="_blank">recently announced</a> that it had passed the 100,000 milestone for the number of 401(k) clients it serves, and Majors credits PEPs as a big factor. <a href="https://genemarks.medium.com/pooled-employer-plans-for-401-k-s-are-growing-in-popularity-for-small-businesses-29197e2277e7">Read More</a>