The GoWest Credit Union Association Pooled Employer Plan (PEP) provides a streamlined retirement plan solution that minimizes administrative burden and fiduciary risk, enhances employee engagement through advanced digital tools and personalized education, and delivers cost savings through negotiated rates.
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Our Pooled Employer Plan gives credit unions a strategic way to deliver a streamlined and cost-effective 401(k) program to your team members. By partnering with Freedom Fiduciaries and GoWest, you can provide a retirement solution that eliminates administrative burdens and fiduciary exposure for your committee and organization. The PEP structure allows multiple credit unions to join a single, well-governed plan, reducing costs through negotiated pricing. The Pooled Plan Provider serves as the plan sponsor, administrator, and named fiduciary, which means every operational and compliance responsibility is managed by dedicated professionals. This includes mailing participant notices, signing and filing Form 5500, paying for and completing the annual audit, tracking eligibility, and integrating payroll feeds. As a member of GoWest, you can access a high-touch retirement plan experience that offers personalized financial wellness resources for your team members along with specialized plan design support and streamlined day-to-day assistance for your internal staff. This end-to-end structure improves participant outcomes while allowing your organization to remain focused on serving members in the community, reinforcing your credit union’s commitment to financial well-being.
A pooled employer plan (PEP) is a 401(k) retirement plan that allows unrelated businesses to participate in one plan managed by a pooled plan provider (PPP).
A PPP is the plan sponsor, plan administrator, and named 402(a) fiduciary for a Pooled Employer Plan. As the fiduciary, they take on all of the annual and administrative requirements of the entire PEP.
A recordkeeper is the service provider responsible for managing the assets of your retirement plan. Participants use the recordkeeper’s online platform to view their accounts and make changes.
This is the role Freedom Fiduciaries takes on within the PEP. An investment manager is a 3(38) fiduciary responsible for selecting and monitoring investments.
Scheduling a brief 15-minute complimentary consultation allows us to review your current operations, plan structure, and any challenges you’re facing. This quick session provides an opportunity to explore how a Pooled Employer Plan (PEP) can streamline your retirement plan administration, reduce costs, and offer enhanced investment options. By identifying your specific needs, we can demonstrate how a PEP, along with additional benefits, can address your pain points and improve your overall plan effectiveness.
A Pooled Employer Plan (PEP) differs from a standard 401(k) in that it allows multiple unrelated businesses to join a single, comprehensive plan managed by a Pooled Plan Provider (PPP), thereby reducing administrative burdens and costs. Unlike standard 401(k) plans where each employer acts as the plan sponsor and administrator, in a PEP, the PPP takes on these roles, including fiduciary responsibilities. This structure provides businesses with enhanced fiduciary protection, simplified compliance, and cost efficiencies through shared resources and negotiated plan rates.
We would welcome the opportunity to connect with you and review your retirement plan needs. Please feel free to message us, email us or call us! Talk soon.