Qualified Plan Advisors’ PEP offers additional fiduciary protections and fewer plan administrative responsibilities
OVERLAND PARK, Kan., December 02, 2021--(BUSINESS WIRE)--Qualified Plan Advisors (QPA) is pleased to announce the Qualified Plan Advisors Pooled Employer Plan. The retirement plan consulting firm is partnering with Newport Group, Inc. (Newport), a leading independent retirement services provider, to deliver this new fiduciary-friendly, cost-effective solution.
This new Pooled Employer Plan (PEP) will help advisors who are eager to assist clients in starting up new plans or growing small plans. But it won’t just be limited to small plans. The QPA PEP will be available nationwide for employers of all sizes who desire additional fiduciary protections and fewer plan administrative responsibilities. Newport has developed an offering for the plan that provides the cost-efficiency central to a PEP, while also accepting the responsibility to conduct many of the tasks that employers wish to get off their desks.
The PEP allows unrelated employers to pool their plan assets to achieve bargaining power that is greater than what they could achieve on their own. Congress’ approval of PEPs was its most practical and helpful step towards getting more employers to sponsor qualified retirement plans. PEPs will result in lower costs and the new QPA PEP will provide high value for the applicable cost. That’s the result of the bulk buying power of employers combining their assets.
A key unique feature of the QPA PEP is that advisor managed accounts will be offered as part of a hybrid qualified default investment alternative (QDIA) structure. Not only do companies participating enjoy cost savings and fiduciary risk mitigation by participating in the QPA PEP, but their plan participants also have the option to receive personalized advice through advisor managed accounts, serving to improve their retirement savings outcomes.
"At Qualified Plan Advisors, we help people and strive to actually impact people’s lives. That’s why offering a Pooled Employer Plan was a no-brainer for us. Getting more employers to sponsor qualified retirement plans means more employees can save for retirement in those plans, which can have a real impact on participants," says Matthew Eickman, national retirement practice leader at Qualified Plan Advisors. "The QPA PEP is a fiduciary-friendly, cost-effective approach for employers that want a combination of key features; investment fiduciary services, administrative fiduciary protections, less work on their plates, more investment management options for participants, and less cost."
QPA has more than 700 retirement plan clients. To learn more about Qualified Plan Advisors visit www.qualifiedplanadvisors.com.
About Qualified Plan Advisors:
Qualified Plan Advisors focuses on plan health and participant outcomes by providing retirement plan sponsors with professional services that include participant education and enrollment services, professionally managed allocation portfolios, plan design review and maintenance and ERISA 3(38) and 3(21) fiduciary services. Advisory services offered through Prime Capital Investment Advisors, LLC. ("PCIA"), a Registered Investment Adviser. PCIA: 6201 College Blvd., Suite #150, Overland Park, KS 66211. PCIA doing business as Qualified Plan Advisors ("QPA") and Prime Capital Wealth Management ("PCWM").
About Newport Group, Inc.
Newport Group, Inc. and its affiliates provide recordkeeping, plan administration, trust and custody, consulting, fiduciary consulting, insurance and brokerage services. Newport Group, Inc. is not affiliated with Qualified Plan Advisors.
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For: Qualified Plan Advisors