The Advantages of a Multiple Employer Plan (MEP)

Pooled participation resources to access high-quality, cost-effective retirement solutions while significantly reducing administrative burdens.

Harnessing the power of many leading to shared costs and reduced fiduciary liability.
Providing economical access to superior big business type fund lineups.
Fiduciary and administrative burden minimized.

401K Benefits to Employers

  • Tax Benefits: Tax deductions for employer contributions and IRS tax credits of up to $3,000 over first 3 years*. 
  • Automatic Payroll Deductions: Simple online enrollment and plan participation via automatic payroll deductions. 
  • High Contribution Limits: $23,000 employee limit and combined employee and employer contributions of $69,000 in 2024, with limit maximum subject to change yearly. 
  • Flexible Plan Design Options: Eligibility requirements, employer matching/profit sharing, vesting, automatic enrollment, and more. 
  • Higher Quality and Lower Cost Investment Options: Access to institutional share class funds with lower expense ratios. 

Read more HERE

considerations in your investment

What Are the Requirements of a 401(k) Plan?

  • A 401(k) plan must meet various IRS requirements to qualify. Key requirements include:
  • Contribution Limits: The IRS sets annual limits for employee and overall contributions. Employees aged 50 or older can make additional “catch-up” contributions up to an IRS-specified limit.
  • Distribution Rules: Funds accumulate tax-deferred, but withdrawals are allowed upon retirement, death, disability, separation from work, reaching age 59 1/2, or in case of hardship as defined by the plan.
  • Limits for High-Income Earners: The IRS restricts contributions for high earners and those with significant company stakes. Non-discrimination testing ensures highly compensated employees don’t contribute disproportionately more than other workers.
  • Vesting Schedule: Determines when an employee can access employer contributions, usually based on years of service. Full vesting typically occurs within one to three years, but retroactive vesting to the hire date is allowed.

Read more HERE

SECURE Act 2.0

Employer Tax Credits –  

  • Introducing Tax Credits for Businesses with 100 or Fewer Employees (Small Employer Tax Credits)
    Big Savings on New Plans: Employers may qualify for a tax credit covering up to 50% (maximum of $5,000) of the eligible startup costs for establishing and administering a new retirement plan for the first three years.
  • Automatic Enrollment Bonus: Employers may receive an additional $500 tax credit for three years if their retirement plan includes an automatic enrollment feature.

Read more HERE from our 401K TPA, Slavic401K.

Talk to an Expert about your 401K plan

You’ll enjoy the peace of mind that comes with knowing your 401K plan is in good hands. Fill out the form below or talk with an expert to learn more about our services to get started.

401K Proposal Request

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Payroll Admin

Still doing your own payroll? Tasks involved with Payroll and Employee Administration are purely transactional events.

Human Resources

At eESI, our business is all about assisting with the management of any organization’s most valuable resource: people.

Employee Benefits

A benefit package can be a major incentive to lure the best new talent to your workforce and keep your current employees happy.

Risk Management

Risk is a basic part of business. As a co-employer we work to eliminate, mitigate or share your associated legal liabilities.

HCM Technology

eESI continuously utilizes the latest in technological advances through online and mobile solutions to make your life easier.

Payroll Admin

Still doing your own payroll? Tasks involved with Payroll and Employee Administration are purely transactional events.

Human Resources

At ESI, our business is all about assisting with the management of any organization’s most valuable resource: people.

Employee Benefits

A benefit package can be a major incentive to lure the best new talent to your workforce and keep your current employees happy.

Risk Management

Risk is a basic part of business. As a co-employer we work to eliminate, mitigate or share your associated legal liabilities.

HCM Technology

ESI continuously utilizes the latest in technological advances through online and mobile solutions to make your life easier.