MULTIPLE EMPLOYER PLAN SERVICES

Association Multiple Employer Plan’s

We work with associations to create customized Multiple Employer Plans for their members. Multiple Employer Plans allow for separate employers to group their retirement plans under one common sponsor. Each company that adopts into the group plan is called a participating employer. Multiple Employer Plans have significant benefits to both the association and their members, these benefits are outlined below:

ASSOCIATION BENEFITS:

  • Member Attraction – The group plan can be used to entice members to join your association. The plan can be used as an incentive to join because they cannot have access to it outside the association.
  • Member Retention – The MEP can also be used a retention tool. Members will stay in your association to have access to the group plan.
  • Opportunity for Non-Dues Revenue – Often Multiple Employer Plan’s allow the association the opportunity to earn non-dues revenue.

Member Benefits:

  • Removal of Audit Filing (if applicable)– The Multiple Employer Plan eliminates members needs to file an annual retirement plan audit. This saves the members staff significant time and their companies money (401(k) audits typically cost $5,000 to $15,000).
    • Removal of Form 5500 Filing – After a member joins a Multiple Employer Plan, they will no longer have to file their annual Form 5500 retirement plan tax filing.
    • Economies of Scale Pricing – Because of the MEP’s significant purchasing power the group plan receives economies of scale pricing both from the administrative service providers and the investment providers. Typically, we find that most plans save 30% – 50% annually by adopting into the group plan.
    • Outsourced Fiduciary Services – Multiple Employer Plans eliminate a majority of the retirement plan sponsors fiduciary responsibility. The MEP plan sponsor is the fiduciary over the investments and the administration of plan.

Chamber of Commerce Multiple Employer Plan’s

We work with Chambers to create customized Multiple Employer Plans for their members. MEP’s allow for separate employers to group their retirement plans under one common sponsor. Each company that adopts into the group plan is called a participating employer. Multiple Employer Plans have significant benefits to both the association and their members, these benefits are outlined below:

CHAMBER BENEFITS:

  • Member Attraction – The group plan can be used to entice members to join your Chamber. The plan can be used as an incentive to join because they cannot have access to it outside the Chamber.
  • Member Retention – The MEP can also be used a retention tool. Members will stay in your Chamber to have access to the group plan.
  • Opportunity for Non-Dues Revenue – Often Multiple Employer Plan’s allow the Chamber the opportunity to earn non-dues revenue.

Member Benefits:

  • Removal of Audit Filing (if applicable)– The Multiple Employer Plan eliminates members needs to file an annual retirement plan audit. This saves the members staff significant time and their companies money (401(k) audits typically cost $5,000 to $15,000).
    • Removal of Form 5500 Filing – After a member joins a Multiple Employer Plan, they will no longer have to file their annual Form 5500 retirement plan tax filing.
    • Economies of Scale Pricing – Because of the MEP’s significant purchasing power the group plan receives economies of scale pricing both from the administrative service providers and the investment providers. Typically, we find that most plans save 30% – 50% annually by adopting into the group plan.
    • Outsourced Fiduciary Services – Multiple Employer Plans eliminate a majority of the retirement plan sponsors fiduciary responsibility. The MEP plan sponsor is the fiduciary over the investments and the administration of plan.

Payroll Company Multiple Employer Plan’s

We work with payroll companies to create customized Multiple Employer Plans for their members. MEP’s allow for separate employers to group their retirement plans under one common sponsor. Each company that adopts into the group plan is called a participating employer. Multiple Employer Plans have significant benefits to both the payroll company and their customers, these benefits are outlined below:

PAYROLL COMPANY BENEFITS:

  • Customer Attraction – The group plan can be used to entice customers to do business with your company. The plan can be used as an incentive to work with you because they cannot have access to the benefit without you.
  • Customer Retention – The MEP can also be used a retention tool. Members will stay in your Chamber to have access to the group plan.
  • Opportunity for Non-Dues Revenue – Often Multiple Employer Plan’s allow the Chamber the opportunity to earn non-dues revenue.

Member Benefits:

  • Removal of Audit Filing (if applicable)– The Multiple Employer Plan eliminates members needs to file an annual retirement plan audit. This saves the members staff significant time and their companies money (401(k) audits typically cost $5,000 to $15,000).
    • Removal of Form 5500 Filing – After a member joins a Multiple Employer Plan, they will no longer have to file their annual Form 5500 retirement plan tax filing.
    • Economies of Scale Pricing – Because of the MEP’s significant purchasing power the group plan receives economies of scale pricing both from the administrative service providers and the investment providers. Typically, we find that most plans save 30% – 50% annually by adopting into the group plan.
    • Outsourced Fiduciary Services – Multiple Employer Plans eliminate a majority of the retirement plan sponsors fiduciary responsibility. The MEP plan sponsor is the fiduciary over the investments and the administration of plan.