Sage North America has partnered with Plan Administrators, Inc. to create Retirement Services for Sage Customers, offering 401(k) plans to Sage Peachtree customers and other small businesses in the market for an employee savings plan.
As a result of the Section 408(b)2 Fee Disclosure regulations recently issued by the Department of Labor, many employers are going to find out for the first time how much they and their employees are paying for their retirement plans. Sage North America has partnered with PAi to provide a solution for those employers who find they are giving up too much of their retirement savings to their provider fees.
“Our goal in partnering with PAi to deliver Retirement Services for Sage Customers is to help ensure that small business owners and their employees get the most “retirement” they can from their retirement savings,” said Connie Certusi, general manager of small business accounting solutions at Sage, in a statement.
With regulatory changes looming for 401(k) plans, Retirement Services for Sage Customers will assist small businesses in meeting government standards through competitive offerings. The Department of Labor’s new 408(b)(2) regulations take effect in 2011 and require fee transparency and fee disclosure. This 401(k) program provides small business owners 24/7 website access, administration and recordkeeping, participant education, professionally managed portfolios, and fiduciary services.
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