We Asked Employers What They Think About Pooled Employer Plans
As Pooled Employer Plans continue to gain traction in the marketplace, we decided to survey employers about the benefits of a PEP. The results told us a lot about the power of PEPs and how they are influencing both workplace environments and advisor/client relationships.
What did we learn from the employers we surveyed?
83% of PEP Employers Are Satisfied With the Experience
in plan satisfaction*
in advisor satisfaction
What Do Employers Like About PEPs?
Many employers with a PEP agree that it does save time and money. But what they appreciate the most is simplified and streamlined plan management. These efficiencies — for employers and employees — allow HR professionals to use their time more wisely. With a PEP, they can take on other important tasks separate from their retirement plan.
Easier Plan Management
How Are Employers Learning About PEPs?
Employers told us they lean on advisors for information about PEPs and to find the right Pooled Plan Provider. Four out of five PEP employers said they considered multiple providers before joining a PEP.
of employers with a PEP said they learned about PEPs at a conference or HR event.
of employers with a PEP said they considered the plan because their advisor or consultant recommended it.
PEPs Can Help Advisors Expand Their Business
After starting a PEP arrangement, 67% of employers say they noticed a shift in the topics they discussed with their advisor. Companies, especially smaller ones, started spending more time discussing non-retirement plan topics.
How Can a PEP Open Up Other Avenues of Business?
Here are the most discussed topics, according to the research:
- Employee benefits
- Wealth management
- Executive benefits
- Employee education and outcomes
- Business continuity and succession planning
- Non-qualified plans