HR ANALYTICS

Paychex's Pooled Employer Plan Boosts Growth by Adding 2,000 Companies in Three Months

Paychex, Inc | April 20, 2021

Paychex, Inc., the HR software and services provider that brings the power of convenience to more dynamic workplaces, revealed today that their Pooled Employer Plan (PEP) offering has added 2,000 clients since its launch.

The new Paychex PEP is proving to be an appealing choice for business owners wanting an easier, cost-effective plan option, both for themselves and their qualifying workers, in the short period since PEPs became available as a result of the SECURE Act. According to PLANSPONSOR magazine, Paychex has been the number one 401(k) recordkeeper in the world for the last ten years. The company was one of the first to introduce a PEP, among retirement plan providers. 

Employers can invest in a 401(k) plan managed by a Pooled Plan Provider with a PEP. The P3 serves as both the plan sponsor and the formal plan administrator, relieving employees with substantial fiduciary and managerial responsibilities. The PEP is particularly well-suited for small and medium-sized companies that could have recently been unable to provide a retirement package due to a shortage of cost-effective plan alternatives or the time or money required to handle complex plan administration. Besides, PEPs have a more feature-rich alternative to the increasing number of state-mandated retirement plan programs.

Benefits of the Paychex PEP include:

Cost savings opportunities:

• Paychex will administer the required independent financial audit for the PEP to comply with IRS and Department of Labor requirements, which can cost large employers between $10,000 and $15,000 annually

• Employers with 100 or fewer employees who did not previously offer a plan may also be eligible for potential tax credits up to $5,000 per year for up to three years ($15,000 maximum) to offset costs of starting and maintaining a retirement plan


• Reduced administrative tasks for the business owner by removing the need to contract with and monitor third-party fiduciary services providers.

• Reduced risk, as Paychex assumes many fiduciary responsibilities in its role as the P3.


• Potential for greater levels of efficiency by integrating Paychex payroll with the PEP.



About Paychex

Paychex, Inc. is a market leader in integrated human capital management systems for human resources, payroll, benefits, and insurance. Paychex enables small and medium-sized business owners to concentrate on development and management by combining innovative software-as-a-service technologies and a mobility network with devoted, personal service. Paychex, which has more than 45 years of industry experience, serves more than 680,000 payroll clients across more than 100 locations in the United States and Europe as of May 31, 2020, and pays one out of every 12 American private-sector employees.

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