Employers of all sizes can now use Peppermint’s simpler solution to set up and administer their retirement benefits
TUCSON, Arizona. – March 31, 2022 – Peppermint, a new type of retirement benefit provider, is making retirement savings easier and more affordable than ever for businesses of all sizes. Companies can now enroll in one of peppermint’s pooled employer plan options (PEPs) — one of the first of its kind — which reduce administrative work, eliminate audit fees, and lower costs for companies when compared to traditional 401k plans.
By pooling employers together, peppermint helps employers leverage group buying power, resulting in lower fees and less paperwork. The plans also come with less risk for employers than a standard 401k because peppermint acts as the plan sponsor and fiduciary, which significantly limits the company’s liability.
The legislation that provides the foundation for peppermint, the SECURE Act, passed in 2019 and became available to consumers in 2021.
Peppermint charges just a one-time fee of $750 to set the plan up, plus $84 per month ongoing. Companies can choose from three plan options: the Dollar for Dollar plan (which allows employers and participants to maximize contributions), the Fixed 3% plan (which assures that all employees receive retirement benefits), or the Discretionary plan (which gives employers the ability to adjust contributions as business needs change).
“We are so excited to work with organizations to simplify retirement and make offering great benefits more cost-effective than ever,” said peppermint Director of Operations Megan Wood. “At peppermint, we believe that any company, including small businesses, franchises, and start-ups, should be able to offer comprehensive retirement benefits that don’t break the bank.”
Peppermint makes it easier to create and administer retirement options with a simplified sign-up process and management of set up and communications with employees. Peppermint offers industry-leading investment funds like vanguard, in addition to expert investment management and holistic financial wellness.
Peppermint was created by a group of business owners, entrepreneurs, and industry experts who have been on both sides of the table as employees and employers. When the U.S. government approved the Pooled Employer Plan statute, we saw an opportunity to simplify savings plans and expand access to retirement options. Thus, peppermint was born.