With regulatory burdens increasing and many businesses struggling to manage retirement plans effectively, Boulay Financial Advisors, LLC is stepping in with a game-changing solution. The Twin Cities-based firm has launched RetireNAV(k), a pooled employer plan (PEP) designed to help businesses reduce administrative costs and fiduciary risks while improving access to retirement benefits.
Following the passage of the SECURE Act 2.0 in 2022, businesses nationwide are searching for ways to simplify retirement plan management. RetireNAV(k) streamlines fiduciary oversight and compliance and reduces costs—critical for small and mid-sized businesses nationwide.
In response to the growing need for local retirement plan support, Minnesota enacted the Secure Choice Retirement Program, which will go into effect in 2026. Enrollment is required for businesses with five or more employees, and employers may not opt-out. This program is directly correlated to research conducted by AARP in 2022, showing that nearly one-third of Minnesota’s private sector workers do not have access to an employer-sponsored retirement plan, with people of color disproportionately affected.
A recent Retirement Industry Trends Report (2023) underscores businesses’ growing challenges in managing retirement plans. 62% of employers report feeling overwhelmed by plan administration, and 43% admit they lack the necessary expertise to properly oversee their plans. These knowledge gaps contribute to costly compliance failures—66% of retirement plans audited by the Department of Labor (DOL) required financial corrections, leading to over $1.4 billion in plan restorations, fines, and penalties last year.
RetireNAV(k) helps businesses mitigate these risks by outsourcing fiduciary responsibilities to experienced professionals who manage compliance, investments, and administration daily. By joining a PEP, employers reduce their exposure to regulatory penalties while ensuring employees have access to a professionally managed, high-quality retirement plan—without the administrative burden.
“As regulatory challenges continue to grow, many businesses struggle to manage their retirement plans effectively,” said Meghan Hannon, Partner and Head of Retirement Plan Consulting at Boulay Financial Advisors, LLC. “RetireNAV(k) provides a streamlined solution by allowing businesses to outsource fiduciary oversight, reduce compliance risks, and ensure employees have access to a professionally managed retirement plan—without the administrative burden. This is especially critical in Minnesota, where nearly one-third of private-sector workers lack employer-sponsored retirement coverage. Whether you’re preparing for the 2026 mandate or simply wanting to offer competitive benefits, RetireNAV(k) provides expertise businesses need in today’s complex regulatory environment.”
For more information on RetireNAV(k) and how a PEP can streamline your retirement plan responsibilities, visit www.retirenavk.com or contact Meghan Hannon, Partner and Head of Retirement Plan Consulting, at mhannon@boulaygroup.com.