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5 Reasons to Harness the Power of Your PEO’s Retirement Plan

5 Reasons to Harness the Power of Your PEO's Retirement Plan

As a small to mid-sized business (SMB) owner, outsourcing some of your subsidiary tasks makes smart business sense. After all, hiring staff in every possible area your business needs to operate can be challenging. When you work with a PEO, you’ll discover how useful it is to work with partners for health and ancillary employee benefits, human resources management, payroll and tax administration, and more.

You can extend those same benefits to your retirement savings plan through a PEO partnership. By joining a retirement savings plan offered by a PEO, you’ll give your employees more investment choices and options while retaining the ability to tailor your plan to suit your company’s unique needs. With the help of a PEO retirement plan like the one offered by PrestigePEO, you’ll access better employee benefits, greater choices, and easier administration, all customized for your company.

Working with a PEO to coordinate retirement savings plans is more efficient and affordable. If you think you’re paying too much or getting too little in return, PrestigePEO is happy to put together a benefit-comparison for your business.

5 Reasons to Harness the Power of Your PEO's Retirement Plan - Big Plan Services

Big Plan Services

Whether your company’s 401(k) plan has $10,000 or $1,000,000 in assets, you’re considered a small plan when you sponsor it on your own. But when you partner with a PEO, your money is grouped with many other businesses and plans to create significant buying power. With more assets comes greater negotiating power and enhanced services. Using the PrestigePEO plan, you’ll benefit from an Employee Retirement Income Security Act (ERISA) attorney, a plan investment adviser, a participant investment adviser, and a dedicated plan administrator. With such great talent dedicated to our plan, you can be confident that all the details are handled, allowing you to redirect your energy to more profitable tasks.

5 Reasons to Harness the Power of Your PEO's Retirement Plan - Cost Effective Solution

Cost Effective Solution

Big plans also get better pricing, allowing substantial savings for you and your employees. As an adopting employer joining the PrestigePEO retirement savings plan, you will have no plan document fees, audit fees, or legal fees. If you have over 100 employees, joining our plan can save you as much as $10,000 in annual audit costs alone. Your employees also enjoy incredible savings because we can access less expensive share classes rarely offered to smaller plans. Ultimately, our plan costs less to administer, which translates into savings that you can use to grow your business or enrich the benefits offered to your employees.

5 Reasons to Harness the Power of Your PEO's Retirement Plan - Easy Administration

Easy Administration

Managing your own 401(k) plan is a lot of work. Are you spending too much time dealing with paperwork, preparing government filings, changing deferrals, or reviewing loan requests? We believe that’s unproductive, and your time is much better spent elsewhere. Joining our plan takes a load off your shoulders as we will handle all those daily administrative responsibilities. Beyond the everyday hassle, running your own 401(k) plan exposes you to the risk of mismanaging your compliance and fiduciary liability. When you join our plan, you virtually eliminate these risks. As the plan sponsor, we are responsible for government filings, delivery of all required notices, annual compliance tests, and monitoring of the plan’s investment menu. Enjoy the benefits without worry.

5 Reasons to Harness the Power of Your PEO's Retirement Plan - Superior Investment Menu

Superior Investment Menu

Does your investment menu measure up? We know ours does. Often, a firm that manages its own 401(k) program is limited to a narrowly defined, proprietary family of funds, often with high-cost share classes. PrestigePEO offers you and your employees a better choice. We use an “open architecture” platform that allows us to craft an investment menu from a virtually unlimited number of options, companies, or fund families, without any proprietary fund restrictions. Our professional investment advisers help us select, monitor, and maintain our plan’s investment menu. With great choices and excellent advice, we offer only the highest quality funds with the lowest-cost share classes.

5 Reasons to Harness the Power of Your PEO's Retirement Plan - Superior Investment Menu

Plan Design Flexibility

If you have your own plan, it may have been designed specifically for your company, or perhaps you never had the opportunity to speak with plan design specialists. With PrestigePEO, you’ll have access to professional retirement consultants that will design your plan to suit your company’s objectives perfectly. From eligibility requirements to employer contributions, you can customize your plan to meet your needs and fit your budget. By joining our multiple-employer plan, you don’t have to give up flexibility to get better pricing, easy administration, and professional guidance.

Retirement plans are an essential benefit to offer to your employees. It shows your employees that you are invested in them long-term and want to help them plan their financial future. Our team of retirement professionals is ready to answer any questions you have and can guide you through a plan that will work best for you and your team. Get in touch today to learn more about our retirement plan options and other first-rate services, and watch our webinar on the importance of offering retirement benefits.