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SPEAKER: Did you know that, for many Americans,
a 401(k) at work is their main way
to build retirement savings?
A retirement plan can also encourage financial wellness
and help boost loyalty among employees.
In fact, a quality benefits package
is one of the top three reasons employees
stay with their company.
Yet despite these benefits, when business owners
think about running a 401(k) plan,
many see cost, administrative hassle,
and fiduciary or legal responsibilities
as pain points.
But it doesn't have to be a challenge.
A Multiple Employer Plan, also known as a MEP, can help.
A MEP is a group 401(k) solution that an organization can offer
to its members and clients, like you, to join, typically
at a group rate, which is often a lower
price than you might pay to run your own company 401(k).
A MEP gathers many tasks involved
in operating a retirement plan, and hands them over
to the plan's administrative and investment fiduciaries,
moving many of them off your plate.
That means you get the benefits of offering
a 401(k) to employees without having
to own all of that plan's responsibilities
and legal obligations.
Plus, you have the confidence of knowing
that your organization and other participating businesses
have vetted the plan.
That's a win when you consider what
it takes to sponsor or manage, your own 401(k),
versus what you would experience after joining a MEP.
The contrast is clear.
Joining a MEP could make the difference
between spending time in the weeds of your plan's
operations, or doing what's profitable,
running your business.
Is a Multiple Employer Plan right for you?
We can help guide you in making the best
decision for your employees and your business.
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