Conrad Siegel introduces pooled employer plan for small businesses

Conrad Siegel, which provides comprehensive employee benefits and investment advisory services, has launched Central PA 401(k), the first central Pennsylvania-based pooled employer plan.

Central PA 401(k), designed for small business budgets, is a turnkey retirement plan fully managed by Conrad Siegel, which has offices in Harrisburg and Lancaster.

Under Central PA 401(k), workers have several ways to save money. “Options include safe harbor matching and profit sharing, and employees may make either traditional pre-tax or Roth contributions,” according to a release.

Opening the door for Central PA 401(k) was passage of The SECURE Act, federal legislation that became law Jan. 1, 2020. It established a new type of 401(k) – pooled employer plans – and paved the way for pooled plan providers to begin offering PEPs in 2021.

“It can be hard for small businesses to attract and retain good employees without a benefits package, especially in today’s competitive staffing environment,” Trevor Bare, partner and consulting actuary at Conrad Siegel, said in the release. “But starting a 401(k) can be expensive and time consuming for small businesses, putting it out of reach for most. Our new pooled employer plan enables businesses with under 70 employees to offer a 401(k) that is simple, flexible, affordable and, most importantly, can help them compete for top talent.”

Jim Kehr, director of business development at Conrad Siegel, added: “We’ve heard from so many local employers that they are stretched thin and have so many roles to fill that managing a retirement plan is not always feasible. Our pooled employer plan simplifies the process for business owners and provides a benefit to their employees.”