The Chicagoland Chamber of Commerce and Mesirow Retirement Advisory Services are proud to offer Chamber Members a new type of retirement savings plan called a Pooled Employer Plan (PEP). Enabling employers to “pool” their retirement plans together, PEP provides a unique opportunity to reduce the liabilities and administrative hassles of sponsoring individual employer plans.
With a comprehensive knowledge of the required processes to help plan sponsors succeed, Mesirow Retirement Advisory Services is a reliable source for managing fiduciary risk, providing strategic plan consulting, performing qualitative and quantitative investment monitoring on plan assets and developing solutions to assist employees in saving for retirement. The launch of PEP furthers Mesirow’s commitment to provide support beyond a simple fiduciary obligation; instead, the collective purchasing power coupled with empowering support services allows small to mid-sized employers a 401(k)-experience comparable to some of the largest companies in the country. The PEP also enables plan sponsors to manage fiduciary risk and outsource plan operations more effectively, often at a lower cost than a traditional 401(k) plan.
There are numerous benefits other than reduced fees that make the Pooled Employer Plan a desirable option for employers seeking or updating their retirement savings plan. Mesirow takes on the fiduciary risk by offering a well-rounded support program designed to take the administrative burden off the employer as well as managing the administrative and recordkeeping work such as onboarding, plan participant transactions, plan compliance and reporting. The responsibility of the pooled plan provider (PPP) to manage most of the plan’s operations results in saved time for your business.
Beginning in 2019 the Illinois Secure Choice Retirement Savings Program requires all employers that have been in business for at least two years and have 25+ employees to offer retirement savings plans. The Chicagoland Chamber PEP includes support services from Mesirow that allow participants to plan for future changes. A customized advisor managed account along with education, group meetings and one-on-one advising with a financial planner through Mesirow’s wellness program myFinancial Future, are support services that make PEP a worthwhile alternative to other sponsored plans. In addition to supportive services, a team of qualified specialists aid your business throughout the entire process. From compliance and onboarding to an assigned client service manager, Mesirow ensures your business has access to the tools and support teams needed to succeed.
The Chamber is excited to partner with Mesirow Financial to offer Chamber members a cost-saving and risk-reducing option for retirement plans. A Chicagoland Chamber PEP provides a great customizable alternative to the state-sponsored plan.-Jack Lavin, President & CEO, Chicagoland Chamber of Commerce
Participants of the Pooled Employer Plan experience a new kind of defined contribution plan similar to the 401(k) plans offered today by individual employers, but with many advantages for you and your employees. Mesirow Retirement Advisory Services and the Chicagoland Chamber seek to empower participants to take control of their financial future while providing the necessary tools and resources to help minimize costs, liabilities and hassles.
If you are interested in converting an existing plan into a PEP or starting a new 401(k) plan, a Mesirow retirement plan specialist can provide a free analysis to determine if the Chicagoland Chamber PEP is right for you.