The 401(k) plan is more important today than it’s ever been before. By all indications, a retirement funded by Social Security will soon become a thing of the past, leaving only those who properly prepared in a position to enjoy a secure and stable future.
Quick Advantages of our MEP Plan
- In many cases, the annual cost of the multiple employer plan (MEP) will be 50% or less compared to their current standalone plan. This is due to the economies of scale created by the pooling of the plan assets of all companies who adopt on to the MEP.
- An important component of the MEP service package is monthly compliance testing, with test results automatically shared with worksite employers via email. This helps keep employers informed throughout the year, preventing costly year-end surprises.
- The worksite employer can make many key customizations to their individual plan within the broader MEP to ensure the eligibility criteria, plan entry dates, vesting schedule, matching/profit sharing, etc., fit the specific needs of their company.
- In the MEP context, the majority of the administrative burden and fiduciary liability is outsourced to the MEP plan sponsor (the PEO, Association, etc.), making the administration and compliance for the plan much easier for the worksite employer.
In fact, our plan saved eESI corporate approximately 52.27% through the buying power and efficiencies of our MEP compared to the national average.