AssetMark Launches Pooled Employer Plan (PEP)
20 September 2021 - 3:00PM
AssetMark (NYSE: AMK) today announced the recent launch of a Pooled
Employer Plan (PEP) available on the AssetMark platform. AssetMark
PEP is a 401(k) plan that allows business owners to pool their
retirement assets with those of other employers and to outsource
the fiduciary and operational duties involved in sponsoring a plan.
A key feature of the SECURE Act of 2019, PEPs were created to
help close the retirement plan coverage gap. According to a 2017
Cerulli Report, 51 percent of employers with less than 50 workers
do not have access to a retirement plan, while more than half of
Americans either own or work for a small business. A PEP allows
smaller employers to band together into a single plan so they
benefit from economies of scale and potential lower costs while
gaining access to diversified investments and enhanced fiduciary
support normally available only to large corporate plans.
“The professionally managed investments and cost-saving
advantages of a PEP allow small businesses to help their employees
access the benefits of a tax-advantaged retirement plan,” said
AssetMark Senior Vice President and Head of Retirement Services
Cathy Clauson. “During a time of such unprecedented challenges, we
are pleased to offer AssetMark PEP to our advisors and their
business owner clients as a way to expand retirement coverage and
help more people save for a secure financial future.”
AssetMark PEP is designed for:
- Small to medium-sized business (SMB) owners typically with less
than $25M in plan assets;
- Employers that are not currently sponsoring a retirement plan
for their employees because of time-consuming administrative duties
and the risks of fiduciary responsibility;
- Employers that are currently sponsoring an existing 401(k) plan
or existing SEP or SIMPLE IRA but wish to gain greater fiduciary
protection or offload administrative duties on a 401(k) plan.
“In a competitive marketplace, we believe that this offering
will be of great benefit to SMBs as they grow their businesses and
seek to retain top talent,” said Clauson. “Outsourcing the
administrative and fiduciary duties of a 401(k) plan saves small
businesses time and resources and provides peace of mind while they
focus on running their business.”
About AssetMark Financial Holdings,
Inc.
AssetMark is a leading provider of extensive wealth management
and technology solutions that power independent financial advisors
and their clients. Through AssetMark, Inc., its investment advisor
subsidiary registered with the U.S. Securities and Exchange
Commission, AssetMark operates a platform that comprises fully
integrated technology, personalized and scalable service and
curated investment platform solutions designed to make a difference
in the lives of advisors and their clients. AssetMark had $84.6
billion in platform assets as of June 30, 2021 and has a history of
innovation spanning more than 20 years.
Source: AssetMark, Inc.
Media Contact:Alaina KleinmanDirector,
Communications & Public Relations, AssetMark,
Inc.alaina.kleinman@assetmark.com
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