Multiple Employer Plan Option
The Multiple Employer Plan (MEP) Solution
Liability Reduction
- Transfer fiduciary liability to the Multiple Employer Plan Sponsor
- Fiduciary Services
- 3(16) Administrative
- 3(21) and/or 3(38) Investment Services
- Participant notices/fee disclosure documents are responsibility of the MEP Sponsor
Administrative Relief
- Relief of annual compliance responsibilities:
- Data collection/Testing
- IRS filings 5500 form
- Timely deposits of contributions
- Loans and distributions are processed internally
Expense Reduction
- Economies of scale; a multi-million-dollar retirement plan has built-in pricing advantages
- Result: An overall client reduction in billable plan expenses
- Eliminate the expense and headache of the annual plan audit. This can be a $10,000-$20,000 savings annually
MEP Flexibility
- Plan provisions:
- Eligibility
- Match
- Vesting
- Education and Investment information delivered to each client company by a licensed Financial Advisor
- Retirement readiness tools:
- Onsite/Online/Video
