Equitable's New 403(b) PEP Shifts Fiduciary Risk Away from Nonprofits
Nonprofit organizations can now reduce administrative tasks including compliance and reporting and protect themselves from fiduciary risk. This is enabled by the Equitable Retirement Access ERISA 403(b) pooled employer plan (PEP), which allows a group of unrelated nonprofits to pool their employees' retirement funds into a single plan managed by a third-party provider. The offering is available through the the Equitable Retirement Vision platform for nonprofits establishing a new 403(b) plan or transitioning from an existing provider. Nonprofit employees gain access to retirement plan benefits. Only 21% of nonprofits currently provide retirement benefits to their employees.
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