The Pooled Employer Plan launched today offers additional fiduciary protections and fewer plan administrative responsibilities.

A new Pooled Employer Plan debuting today is not just for the little guys.

While most PEPs target small employers, the Qualified Plan Advisors Pooled Employer Plan, officially launched today by the Overland Park, Kan.-based retirement plan consulting firm in partnership with independent retirement services provider Newport Group, Inc., aims to deliver this new fiduciary-friendly, cost-effective solution to employers of all sizes.

The new PEP will help advisors who are eager to assist clients in starting up new plans or growing small plans, but it will be available nationwide for employers who desire additional fiduciary protections and fewer plan administrative responsibilities. Newport has developed an offering for the plan that provides the cost-efficiency central to a PEP, while also accepting the responsibility to conduct many of the tasks that employers wish to get off their desks.

The PEP allows unrelated employers to pool their plan assets to achieve bargaining power that is greater than what they could achieve on their own. Congress’ approval of PEPs was its most practical and helpful step towards getting more employers to sponsor qualified retirement plans. PEPs will result in lower costs and the new QPA PEP will provide high value for the applicable cost. That’s the result of the bulk buying power of employers combining their assets.

A key unique feature of the QPA PEP, the company says, is that advisor managed accounts will be offered as part of a hybrid qualified default investment alternative (QDIA) structure. Not only do companies participating enjoy cost savings and fiduciary risk mitigation by participating in the QPA PEP, but their plan participants also have the option to receive personalized advice through advisor managed accounts, serving to improve their retirement savings outcomes.

“At Qualified Plan Advisors, we help people and strive to actually impact people’s lives. That’s why offering a Pooled Employer Plan was a no-brainer for us. Getting more employers to sponsor qualified retirement plans means more employees can save for retirement in those plans, which can have a real impact on participants,” says Matthew Eickman, national retirement practice leader at Qualified Plan Advisors, which has more than 700 retirement plan clients.

“The QPA PEP is a fiduciary-friendly, cost-effective approach for employers that want a combination of key features; investment fiduciary services, administrative fiduciary protections, less work on their plates, more investment management options for participants, and less cost,” Eickman added.