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Central PA 401(k) pooled plan established for small businesses
Airdate: Thursday, January 20, 2022
Small businesses that don’t have many employees have struggled to offer retirement plans — often because starting a retirement package from scratch can be expensive.
The SECURE Act (Setting Every Community Up for Retirement Enhancement Act of 2019) that became law last year, created a new type of 401(k) called pooled employer plans that allows multiple employers to join one single retirement plan.
Conrad Siegel Investment Advisors has launched the first pooled plan in the region called Central PA 401(k) that is geared toward employers with fewer than 70 workers. The plan will be managed by Conrad Siegel and is advertised as hands off for the employer.
Conrad Siegel Partner and Consulting Actuary Trevor Bare provides details of the new Central PA 401(k) on Thursday’s Smart Talk.