PLANADVISER - July/August 2021 - 27

Other Small-Employer Plans (Under 100 Employees)
Plan Assets
Total SEP plans
$238b
Employers/Plans

Total SEP plans
1,111,967
Participants

Total SEP
participants
1,220,491
W

Total SIMPLE IRA
participants
2,065,452
hile defined contribution (DC)
plans have proven popular among
many employers, the fiduciary and
compliance obligations associated with
such plans can make offering them a
bit onerous for some smaller employers.
Fortunately, small-plan sponsors have
a range of other choices for helping
employees save for retirement.
The
smallest plans-those with
one to a few employees-often choose
a simplified employee pension (SEP)
plan; these now account for more than
$230 billion in assets. Another option
for entities with one employee-viz.,
the owner-is the solo 401(k), which
offers potentially higher tax savings,
plus some of the benefits of a 401(k)
plan such as loans and Roth deferrals.
However, both options may struggle
to meet the needs of a growing business.
Legislative actions have given rise

Total solo 401(k)
participants
217,147

Total state IRA
participants
357,408
to further choices. The savings incentive
match plan for employees (SIMPLE)
IRA was the first-followed later by
SIMPLE 401(k)s-and provides an easyto-implement
solution for an organization
with fewer than 100 employees.
More recently, the Setting Every
Community Up for Retirement
Enhancement (SECURE) Act authorized
the creation of pooled employer
plans (PEPs) and groups of plans (GoPs).
Meanwhile, an increasing number of
states have pushed forward with statesponsored
payroll IRA programs. Such
offerings seek to deliver simplicity by
standardizing plan design while minimizing
other
legal/administrative
requirements.
The
Department of Labor (DOL)
website provides several resources
that explain the strengths and limitations
of each option. -PA
In the first quarter of 2021,
2,391 employers enrolled
in pooled employer plans.
planadviser.com July-August 2021 | 27

Total SIMPLE
IRA plans
417,678

Total solo 401(k)
plans
180,024

Total state
IRA plans
26,425
SIMPLE IRA Plan Assets
1 Capital Group
2 Fidelity Investments
3 Charles Schwab
4 Invesco
5 ADP Retirement Services
Solo 401(k) Plan Assets
1 Fidelity Investments
2 Charles Schwab
3 Invesco
4 PAi Retirement Services
5 July Business Services
State IRA Plan Assets
1 OregonSaves
2 CalSavers
3 Illinois Secure Choice
$37.4b
$21.5b
$13.4b
$6.5b
$1.5b
Total SIMPLE
IRA plans
$81.5b
Total solo 401(k)
plan assets
$36.1b
Total state
IRA assets
$270mm
Small-Plan Providers, by:
SEP Plan Assets
1 Fidelity Investments
2 Charles Schwab
3 Capital Group
4 Invesco
5 Principal Financial Group
$151.1b
$69.7b
$14.8b
$2.0b
$548mm
$17.8b
$12.9b
$4.1b
$944mm
$228mm
$113mm
$90mm
$67mm

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PLANADVISER - July/August 2021

Table of Contents for the Digital Edition of PLANADVISER - July/August 2021

Publisher’s Note
Data Points
Compliance News
Trends
Proposals That Please
2021 PLANADVISER Small-Plan Services Survey: Small Wonders
‘Like’ Me
Building Out Referral Networks
Look Toward The Future
Now A Fiduciary
Cybersecurity And ERISA
Q&A
PLANADVISER - July/August 2021 - Cover1
PLANADVISER - July/August 2021 - Cover2
PLANADVISER - July/August 2021 - 1
PLANADVISER - July/August 2021 - Publisher’s Note
PLANADVISER - July/August 2021 - 3
PLANADVISER - July/August 2021 - Data Points
PLANADVISER - July/August 2021 - 5
PLANADVISER - July/August 2021 - Compliance News
PLANADVISER - July/August 2021 - 7
PLANADVISER - July/August 2021 - 8
PLANADVISER - July/August 2021 - 9
PLANADVISER - July/August 2021 - Trends
PLANADVISER - July/August 2021 - 11
PLANADVISER - July/August 2021 - 12
PLANADVISER - July/August 2021 - 13
PLANADVISER - July/August 2021 - 14
PLANADVISER - July/August 2021 - 15
PLANADVISER - July/August 2021 - Proposals That Please
PLANADVISER - July/August 2021 - 17
PLANADVISER - July/August 2021 - 18
PLANADVISER - July/August 2021 - 19
PLANADVISER - July/August 2021 - 2021 PLANADVISER Small-Plan Services Survey: Small Wonders
PLANADVISER - July/August 2021 - 21
PLANADVISER - July/August 2021 - 22
PLANADVISER - July/August 2021 - 23
PLANADVISER - July/August 2021 - 24
PLANADVISER - July/August 2021 - 25
PLANADVISER - July/August 2021 - 26
PLANADVISER - July/August 2021 - 27
PLANADVISER - July/August 2021 - ‘Like’ Me
PLANADVISER - July/August 2021 - 29
PLANADVISER - July/August 2021 - 30
PLANADVISER - July/August 2021 - 31
PLANADVISER - July/August 2021 - 32
PLANADVISER - July/August 2021 - 33
PLANADVISER - July/August 2021 - Building Out Referral Networks
PLANADVISER - July/August 2021 - 35
PLANADVISER - July/August 2021 - Look Toward The Future
PLANADVISER - July/August 2021 - 37
PLANADVISER - July/August 2021 - Now A Fiduciary
PLANADVISER - July/August 2021 - Cybersecurity And ERISA
PLANADVISER - July/August 2021 - Q&A
PLANADVISER - July/August 2021 - Cover3
PLANADVISER - July/August 2021 - Cover4
https://www.planadviserdigital.com/planadviser/july_august_2021
https://www.planadviserdigital.com/planadviser/may_june_2021
https://www.planadviserdigital.com/planadviser/march_april_2021
https://www.planadviserdigital.com/planadviser/january_february_2021
https://www.planadviserdigital.com/planadviser/november_december_2020
https://www.planadviserdigital.com/planadviser/september_october_2020
https://www.planadviserdigital.com/planadviser/july_august_2020
https://www.planadviserdigital.com/planadviser/may_june_2020
https://www.planadviserdigital.com/planadviser/march_april_2020
https://www.planadviserdigital.com/planadviser/january_february_2020
https://www.planadviserdigital.com/planadviser/november_december_2019
https://www.planadviserdigital.com/planadviser/september_october_2019
https://www.planadviserdigital.com/planadviser/july_august_2019
https://www.planadviserdigital.com/planadviser/may_june_2019
https://www.planadviserdigital.com/planadviser/march_april_2019
https://www.planadviserdigital.com/planadviser/january_february_2019
https://www.planadviserdigital.com/planadviser/november_december_2018
https://www.planadviserdigital.com/planadviser/september_october_2018
https://www.planadviserdigital.com/planadviser/july_august_2018
https://www.planadviserdigital.com/planadviser/may_june_2018
https://www.planadviserdigital.com/planadviser/march_april_2018
https://www.planadviserdigital.com/planadviser/january_february_2018
https://www.planadviserdigital.com/planadviser/november_december_2017
https://www.planadviserdigital.com/planadviser/september_october_2017
https://www.planadviserdigital.com/planadviser/july_august_2017
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