Realogy Adds Industry-First Retirement Plan Offering to Exclusive Benefits Program for All Realogy Affiliated Real Estate Agents

Rhea-AI Summary

Realogy Holdings Corp. (NYSE: RLGY) has launched the SPARK Members Pooled 401(k) Retirement Plan, aimed at providing affiliated U.S. real estate agents, particularly those associated with major brands like CENTURY 21 and Coldwell Banker, an accessible retirement savings option. This innovative plan allows for contributions of up to $64,500 annually and offers features such as tax-free borrowing for home purchases. The initiative is designed to alleviate retirement planning challenges faced by independent contractors in the real estate sector.

Positive

• Introduction of the SPARK Members Pooled 401(k) Retirement Plan, a first in the real estate industry.
• Higher-than-average contribution limit of up to $64,500 per year.
• Tax-free borrowing options available for members.
• Significant reduction of fiduciary liability for real estate agents.

Negative

• None.

MADISON, N.J., Sept. 28, 2021 /PRNewswire/ -- Realogy Holdings Corp. (NYSE: RLGY), the largest full-service residential real estate services company in the United States, and The Platinum 401k, Inc., America's leading retirement plan outsourcing resource, today announced the establishment of the SPARK Members Pooled 401(k) Retirement Plan. Available exclusively to all real estate agents in the U.S. 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 retirement plan offers real estate agents an easy and cost-effective way to save for their future as independent contractors.

A first of its kind in the real estate industry, the new SPARK Members Pooled 401(k) Retirement Plan provides Realogy affiliated real estate agents the opportunity to easily set up their own 401(k) and take advantage of features such as a higher-than-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 offers members a significant offload of fiduciary liability, more investment options, and low administrative costs.

"As independent contractors, we know that convenience, savings and versatility is essential for Realogy's affiliated real estate agents, and that retirement planning can sometimes seem confusing and stressful. That's why we established this unique 401(k) retirement plan for our SPARK members to make the process as seamless and beneficial as possible," said Realogy Executive Vice President of Product and Innovation, Simon Chen. "With SPARK, Realogy affiliated real estate agents can now confidently plan for their futures while they work hard to achieve their professional goals."

"We understand that many independent real estate professionals find it difficult to save for retirement since their income can vary from month to month, or because they are self-employed, they do not have access to an employer-sponsored 401(k)," said Scott Reid, SPARK Membership Director. "Through SPARK in partnership with Realogy, we are pleased to offer our members a way to start saving for their future and do so easily with multiple ways to make contributions from their earnings and without many of the barriers that individuals who establish their own retirement plan can face such as set up costs, ongoing audits and fiduciary exposure."

SPARK is a membership association that was created by real estate professionals designed to offer real estate agents a selection of personal and business benefits, including access to individual healthcare, disability insurance, dental, vision and life insurance, as well as auto and home insurance, identity theft protection, cyber and data breach insurance, human resources solutions, workers' compensation insurance and commercial property or building insurance and a pooled 401(k) retirement plan. Additionally, SPARK offers members a slate of discounts and services, including complimentary access to FOREWARN, an instant risk management, due diligence, and agent safety app.

For more information or how to enroll in SPARK, visit www.SPARK-Benefits.org.

About Realogy Holdings Corp.
Realogy (NYSE: RLGY) is moving the real estate industry to what's next. As the leading and most integrated provider of U.S. residential real estate services encompassing franchise, brokerage, relocation, and title and settlement businesses as well as a mortgage joint venture, Realogy supported approximately 1.4 million home transactions in 2020. The company's diverse brand portfolio includes some of the most recognized names in real estate: Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Coldwell Banker Commercial®, Corcoran®, ERA®, and Sotheby's International Realty®. Using innovative technology, data and marketing products, high-quality lead generation programs, and best-in-class learning and support services, Realogy fuels the productivity of its approximately 194,200 independent sales agents in the U.S. and approximately 142,700 independent sales agents in 117 other countries and territories, helping them build stronger businesses and best serve today's consumers. Recognized for ten consecutive years as one of the World's Most Ethical Companies, Realogy has also been designated a Great Place to Work three years in a row and is one of LinkedIn's 2021 Top Companies in the U.S. 

About The Platinum 401k, Inc.
The Platinum 401k, Inc. is America's leading resource for associations, advisors, and recordkeepers seeking outsourced retirement plan solutions for their members or clients. They have over thirty years of experience in working with multiple employer plan clients across America.

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SOURCE Realogy Holdings Corp.

FAQ

What is the SPARK Members Pooled 401(k) Retirement Plan launched by Realogy (RLGY)?

It's a retirement savings plan designed specifically for U.S. real estate agents affiliated with Realogy's brands, offering features like high contribution limits and tax-free borrowing.

Who can enroll in the SPARK Members Pooled 401(k) plan?

Only real estate agents affiliated with Better Homes and Gardens, CENTURY 21, Coldwell Banker, Corcoran, ERA, and Sotheby's International Realty who are Premium Level SPARK members can enroll.

What are the benefits of the SPARK Members Pooled 401(k) plan?

Benefits include up to $64,500 in annual contributions, tax-free borrowing for home purchases, and reduced fiduciary liability.

When was the SPARK Members Pooled 401(k) Retirement Plan announced by Realogy (RLGY)?

The plan was announced on September 28, 2021.

How does the SPARK Members Pooled 401(k) plan support real estate agents?

It provides an easy and cost-effective way for independent contractors to save for retirement, addressing common barriers like setup costs and ongoing audits.