Realogy Holdings Corp. and The Platinum 401k, Inc., a pension outsourcing resource, recently announced the establishment of the SPARK Members Pooled 401 (k) pension plan. Available exclusively to all United States real estate agents affiliated with Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Corcoran®, ERA® and Sotheby’s International Realty® who are Premium Level members in the SPARK Association of Real Estate Professionals personal and business benefits program, the new pension plan offers real estate agents a simple and economical way to save for their future as independent contractors.
The new 401 (k) pooled pension plan for SPARK members gives Realogy affiliated real estate agents the ability to easily create their own 401 (k) and take advantage of features such as an above-average contribution limit of up to $ 64,500 per year and the ability to borrow tax free for home purchases or other needs. The plan also provides participants with significant relief from fiduciary responsibility, more investment options and low administrative costs.
“As independent contractors, we know that convenience, savings and versatility are essential for Realtors affiliated with Realogy, and planning for retirement can seem overwhelming and stressful at times. This is why we have implemented this unique 401 (k) pension plan for our SPARK members to make the process as transparent and beneficial as possible, ”said Simon Chen, executive vice president of products and business. innovation from Realogy, in a press release. “With SPARK, real estate agents affiliated with Realogy can now plan their future with confidence while working hard to achieve their professional goals. “
“We understand that many independent real estate professionals find it difficult to save for retirement because their income can vary from month to month, or because they are self-employed, they do not have access to to an employer sponsored 401 (k), ”said Scott Reid, SPARK’s director of membership, in a statement. “Through SPARK in partnership with Realogy, we are happy to offer our members a way to start saving for their future and to do so easily with multiple ways to contribute from their income and without the many barriers that people who set up their own retirement plan may face such as setup costs, ongoing audits and fiduciary exposure.
SPARK is a membership association created by real estate professionals, designed to offer real estate agents a selection of personal and business benefits, including access to individual health care, disability insurance, dental care, vision and life, as well as auto and home insurance, identity theft protection, cybercrime and data breach insurance, human resources solutions, insurance against worker’s compensation and business property or building insurance; and a common 401 (k) pension plan. Additionally, SPARK offers members a list of discounts and services, including free access to FOREWARN, an instant risk management, due diligence and agent security app.
For more information or how to sign up for SPARK, visit www.SPARK-Benefits.org.