Paychex created its own pooled employer plan (PEP). Mesirow Financial will serve as the 3(38) investment manager of the PEP, and Mid Atlantic Trust Co. will serve as the trustee.
This PEP makes sense as Paychex is a third-party administrator (TPA) known for small 401(k) plans. A PEP would allow Paychex the flexibility of bunding their micro plans in one PEP solution, which would allow participating employers to delegate the fiduciary duty to the pooled plan provider, as well as having an investment fiduciary (which so many of their micro plans don’t have).
