Equitable launched a 401(k) pooled employer plan for small and medium-sized employers, the firm announced Jan. 30.
“We see broad applicability for our PEP” for businesses with $50 million or less in retirement assets, a spokeswoman wrote in an email. The PEP will be available to corporations and nonprofit businesses, she added.
“Our new 401(k) PEP offering makes it easier for small-business owners to provide an affordable solution to help their employees build a secure financial future, while alleviating the administrative burdens of running a retirement plan,” said Jim Kais, head of group retirement at Equitable, in a news release Jan. 30.
Equitable’s group retirement business covers more than 1.2 million plan participants in school districts, municipalities, not-for-profits and small- to medium-sized businesses through 401(k), 403(b) and 457 plans, the news release said.
