MSDC Launches New Pooled Employer Plan July 17, 2023
Written by MSDC Staff
This fall, MSDC is proud to share that it will be sponsoring a new pooled employer plan for practices and businesses. This exciting new venture will provide MSDC members and businesses that support them with both personal and practice financial wellness options.
The MSDC Pooled Employer Plan is a two-part financial wellness offering.
The first part is a 401k plan for your practice. Practices and medical offices participate in a retirement plan that reduces cost and increases options as if you were in a large employer plan.
The second part is financial literacy and training offered to your staff. Physicians have access to quarterly finance topic trainings and the ability to speak with a retirement and planning expert.
The MSDC PEP is sponsored by the Medical Society of DC and organized by Asset Strategy Consultants, MSDC's investment advisors for over twenty years.
What is a pooled employer plan?
A Pooled Employer Plan (PEP) is a retirement savings plan that allows small businesses to band together to offer a retirement plan to their employees. The idea behind a PEP is that by pooling their resources, small businesses can offer a retirement plan that is less expensive and easier to administer than a traditional 401(k) plan. A PEP is administered by a third-party provider, who handles all the administrative tasks and investments for the plan. This allows small businesses to focus on their core business activities while still offering a valuable benefit to their employees. Additionally, employees can take their retirement savings with them if they leave their job, which makes a PEP a portable option for retirement savings.
When will the MSDC Pooled Employer Plan launch?
The program will open this fall but we are beginning to enroll practices and programs now. Contact Robert Hay to learn more about either the practice or physician financial planning options.