ATLANTA, GA--(Marketwire - November 30, 2010) - Sage North America is partnering with Plan Administrators, Inc. (PAi) to create Retirement Services for Sage Customers, offering affordable 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. This year PAi was honored to receive the Customer Service Department of the Year award in the Financial Services category at the American Business Awards as well as the number one ranking for Record Keeping and Administrative Services for the micro market by 401k Exchange, an independent industry benchmarking firm.
"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, small business accounting solutions, Sage.
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 is a complete offering that provides small business owners 24/7 website access, administration and recordkeeping, participant education, professionally managed portfolios, and fiduciary services.
Finding an affordable plan provider can make a big difference for small business owners in their own participant account balances, and for their employees. According to the Department of Labor, even a 1% difference in fees and expenses over the 35 year life of a 401(k) retirement plan can reduce an employee's account balance at retirement by 28%1. "Total fees and expenses on this offering are one-third to one-fourth of the solutions that are most commonly sold to small business owners2. The effect of those increased costs is the target of the DOL actions regarding fees. With this offering, Sage is giving its customers an opportunity to leap ahead of industry evolution to create bigger account balances at retirement," said Michael Kiley, president and founder, PAi.
To find out more, please visit: https://sageretirement.pai.com
1 "A Look at 401(k) Plan Fees" http://www.dol.gov/ebsa/publications/401k_employee.html
2 The 401(k) Averages Book, 10th Edition
About PAi
For nearly 30 years, PAi has been an industry leader in providing full-service 401(k) administration for small businesses nationwide. PAi services over 13,000 employers with $2.8 billion in assets under administration and supports over 200,000 employees. In 2010 PAi was privileged to receive the U.S. Chamber of Commerce Blue Ribbon Small Business Award, as well as receiving an A+ rating from the Better Business Bureau. For more information, please visit the website at www.pai.com.
About Sage North America
Sage North America is part of The Sage Group plc, a leading global supplier of business management software and services. Sage North America employs 4,000 people and supports 3.1 million small and midsized business customers. The Sage Group plc, formed in 1981, was floated on the London Stock Exchange in 1989 and now employs 13,100 people and supports 6.2 million customers worldwide. For more information, please visit the website at www.sagenorthamerica.com.
© 2010, Sage Software, Inc. All rights reserved. Sage, the Sage logos, Peachtree, and the Sage product and service names mentioned herein are the registered trademarks or trademarks of Sage Software, Inc. or its affiliated entities. All other trademarks are the property of their respective owners.
Contact Information:
Contacts:
Aimee Ertley
770-724-4556
aimee.ertley@sage.com