COAACC members have access to a Pooled Employer Retirement Savings Plan through our membership with SOCA.

Many small business owners wish they could provide employees with access to a retirement plan but are unable to due to concerns about

• Lack of time and expertise
• Cost
• Fiduciary Liability

Thanks to legislation passed in 2019, small to mid-sized employers now can pool together their individual retirement plans to provide this benefits that are similar to the largest companies in our country.

Under the SECURE Act, the most significant retirement legislation, employers can offer a cost affordable retirement plan through a Pooled Employer Plan (PEP) arrangement. 

Overview and Advantages of a PEP

In a PEP, employers of all sizes, industries, locations etc. can join together and become a "member employer" through the SOCA Pooled Employer Plan (SOCA PEP). The Newport Group the Pooled Plan Provider (PPP) of the SOCA PEP is responsible for establishment, management, fiduciary oversight and operations of the plan on behalf of the member employers. In the SOCA PEP, member employers can take advantage of:

• Cost Efficiencies - Costs are lower because they spread across a larger participant and asset base, thereby reducing the costs for each member of the plan.
• Fiduciary Risk Mitigation - Fiduciary duties are outsourced to a plan advisor serving as an ERISA 3(38) investment fiduciary. 
• Operational Outsourcing - Newport Group is the Pooled Plan Provider (PPP) and assumes many of the administrative burdens on behalf of the member employers including eligibility, beneficiary tracking and plan disbursements. 
• Increased Focus - Member employers use fewer resources allowing more focus on growing revenues and profits in their business. 

Advantages Include: 

For Member Employers

• 402(a) named fiduciary
• integrated 3(16) administrative fiduciary
• 3(38) advisor support services
• Integrated trust and custody services
• Digital access to all plan functions and information
• Payroll contribution tracking and integration
• integrated non-qualified plans

For Individual Employee Participants

• Full-function participant website and call center
• Spanish website
• Full suite participant education seminars
• Financial wellness program
• Integrated managed account services

Click here to learn more!