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EANJ's Retirement Advantage Success Story: Community Hope

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How Community Hope Unlocked Significant 401(k) Savings with EANJ’s Retirement Advantage

At the heart of every strong community is a network of organizations committed to doing good. Community Hope, a nonprofit organization based in Parsippany, NJ, exemplifies this spirit. With a mission to be a beacon of hope for individuals facing homelessness, poverty, mental health challenges, and substance use disorders, Community Hope has been transforming lives since 1985. Today, they serve more than 1,450 individuals annually, including over 1,300 veterans and their families.

Behind their impactful work is a team of 170 dedicated employees, and like many employers, Community Hope sought to maximize resources while continuing to invest in their team. That’s where EANJ came in.

How EANJ’s Retirement Advantage Made a Difference

As a valued member of the Employers Association of New Jersey (EANJ), Community Hope leveraged the EANJ Retirement Advantage, a Pooled Employer Plan (PEP), to optimize their 401(k) offering. The result? Substantial savings, administrative relief, and access to top-tier mutual and index funds.

A Look at the Numbers

By transitioning to EANJ’s Retirement Advantage, Community Hope realized impressive cost savings across multiple plan components. They saved:

  • $2,700 on basic plan fees
  • $27,200 on administration and record-keeping
  • $7,800 on fund expenses and advisory fees
  • $10,000 by eliminating the cost of an annual audit
  • $400 on fidelity bond coverage

Altogether, Community Hope saved $57,550 annually on their 401(k) plan, all while gaining a more efficient, fiduciary-managed retirement solution for their 170 employees.

Why the EANJ Retirement Advantage Works

The EANJ Retirement Advantage is designed to help New Jersey employers offer high-quality retirement plans through the power of pooled resources. In fact, pooled employer plans (PEPs) like this have been shown to reduce costs in 93% of cases, with an average savings of 44% compared to traditional standalone 401(k) plans. Employers who join the EANJ Retirement Advantage benefit from:

  • Significant cost savings
  • Reduced administrative burden with fiduciary oversight
  • Flexible plan design options
  • Access to top-tier investment choices
  • Improved employee retention and satisfaction

It’s a smart, strategic way to offer a competitive retirement plan without the complexity and high fees.

Become an EANJ Member Today

At EANJ, we believe better employers build stronger organizations. Membership means access to trusted HR guidance and legal expertise, educational programming to stay ahead of compliance trends, a vibrant employer community for collaboration, and proven cost-saving opportunities like our Retirement Advantage. Whether you’re a nonprofit like Community Hope or a growing business looking to streamline operations and support your workforce, EANJ can help you thrive. Join EANJ today and take the first step toward becoming a better employer for your people, your mission, and your organization’s future.