The RPS SmartCourse Savings Plan allows employers to take advantage of combined plans that are cost-effective, improve employee benefits, and reduce liability.
AUSTIN, TX — Retirement plan service provider RPS Retirement Plan Advisors has formed a new Pooled Employer Plan (or PEP) called the RPS SmartCourse Savings Plan which will allow employers to group their plans to gain access to better benefits, services, and rates.
RPS serves as the 3(38) Investment Fiduciary for adopting employers and has partnered with Ameritas BlueStar Retirement Services, LLC to provide third-party administrator (TPA) and record-keeping services. TRG Fiduciary Services is the Pooled Plan Provider and Named Fiduciary.
A PEP is a special type of retirement plan that allows companies to pool their purchasing power to access better benefits while at the same time reducing much of the administrative burden that comes with offering competitive 401(k) plans to employees. In addition, a PEP eliminates the need for individual companies to file a Form 5500 with the Department of Labor or have individual audits performed. These new plan structures also allow employers flexibility in plan design for features like company match, auto-escalation, and more.
“Offering a competitive 401(k) plan to employees is a must-have in today’s job market,” said Phil Webb, Vice President of RPS. “Utilizing the RPS SmartCourse Savings Plan makes it possible for companies of virtually any size to provide exceptional benefits with fewer headaches, and potentially lower fees.”
Previously, for companies to take advantage of similar benefits, they had to be part of an association or a Professional Employer Organization (PEO). Thanks to the passing of the SECURE Act of 2019, this requirement has been eliminated. Now, the marketplace is open and many more companies can reap the benefits of a PEP.
About RPS Retirement Plan Advisors
RPS Retirement Plan Advisors is a 3(38) fiduciary advisor that prepares employees to retire on time and financially secure while easing much of the fiduciary duties and associated liability from the company’s plan sponsor. To serve as a 3(38) fiduciary advisor, you must be a Registered Investment Advisor and provide services without commissions. As a fee-only Registered Investment Advisor, RPS Retirement Plan Advisors meets these requirements and has delivered fiduciary services to its clients for more than 30 years.
RPS is a subsidiary of Richard P. Slaughter Associates, Inc., a wealth management firm founded in 1991. In 2010, Slaughter Associates launched a division to provide retirement plan services to bring the same array of investment choices to retirement plan clients as high net worth clients – quality portfolios that are balanced and diversified. The retirement plan division was rebranded as RPS Retirement Plan Advisors in 2013 to better articulate the dedicated retirement plan services offered.