San Francisco, CA – February 6, 2024 - Woodruff Sawyer, one of the largest independent insurance brokers in the United States, today announced the firm is partnering with Empower and the Finway Group to offer clients Pooled Employer Plans (PEPs). To date, just over 300 pooled employer plans have been established with the Department of Labor since the SECURE Act passed in 2022, providing employers more options to improve retirement outcomes for employees.
What’s a Pooled Employer 401(K) PEP?
A PEP is a pooled employer plan that allows unrelated businesses to participate in one 401(k) retirement plan. A survey by SHRM highlighted that 42% of HR professionals say lack of time is their greatest barrier to achieving their organization’s priorities. The PEP seeks to address that by consolidating administration and costs, taking the burden off Employee Benefit teams, and decreasing liability – a benefit for all businesses.
According to Steve Finnegan, President/CEO of Finway Group, “As the Finway Group, serving as the PPP, 3(16) Plan Administrator, and TPA, we're excited to collaborate with Woodruff Sawyer and Empower on Pooled Employer Plans (PEPs). This innovative 401(k) solution streamlines administration, reduces costs and reduces fiduciary liability, addressing critical needs for businesses. Partnering with Woodruff Sawyer, we're dedicated to providing an innovative retirement solution, emphasizing our commitment to simplicity, value, and success for our clients and their employees.”
Kristina Keck, Vice President, Practice Leader, Retirement Plan Services adds, "At Woodruff Sawyer we’re all about making life easier for companies and their employees. This new PEP offering will deliver valuable benefits without the burden of time and resource constraints. As a client-first organization, we are excited to offer this service to our clients, providing both great value and ease of use. I think this will be a game-changer for everyone involved.”
About Woodruff Sawyer
As one of the largest independent insurance brokerage and consulting firms in the US, Woodruff Sawyer protects the people and assets of more than 4,000 companies. We provide expert counsel and fierce advocacy to protect clients against their most critical risks in property & casualty, management liability, cyber liability, employee benefits, and personal wealth management. An active partner of Assurex Global and International Benefits Network, we provide expertise and customized solutions where clients need it, with headquarters in San Francisco, offices throughout the US, and global reach on six continents. For more information, call 844.972.6326, or visit woodruffsawyer.com.
