Have your heard about the
Michigan Chamber Multiple Employer 401(k) Plan (MiMEP)?
Has it been awhile since you reviewed your 401k Plan to your employees?
The Michigan Chamber offers a Multiple Employer 401(k) Plan called MiMEP. The Michigan Chamber of Commerce Multiple Employer 401(k) Plan is exclusive to Michigan Chamber of Commerce Members. The MiMEP is a retirement plan solution for businesses with 2-150 employees.
By participating in the MiMEP, small businesses can offer all the benefits a large company can at a competitive price. With new regulations set by the Department of Labor, employers with commonalities can now band together and have their 401(k) plans treated as a single retirement plan.
Save money by joining the MiMEP. Avoid taking on the costs and administrative challenges of establishing a standalone retirement plan. Employers who participate in the MiMEP have full access to the same low-cost investment funds that large employees can offer.
Many small businesses are looking for ways to save money and offer valuable retirement benefits with fewer resources in the current environment. New legislation and regulations allow for multiple employer 401K plans that result in cost savings to small business.
This FREE webinar features updates on the federal SECURE Act, how small businesses can shift administrative and record-keeping responsibility, and reduce risk to their business.
Click the link above to register to watch this FREE webinar.
What is a MiMEP?
The Michigan Chamber Multiple Employer 401(k) Plan or (MiMEP) is 401(k) plan is exclusive to Michigan Chamber of Commerce Members.
What is a MEP?
MEP is short for Multiple Employer 401(k) Plan where many small businesses can join and be part of a 401(k) that is similar a Fortune 500 company’s 401(k). A MEP is a robust turnkey plan with low cost, monitoring and selection of investments, along with transferring the risks to a third party.
What are the benefits of a MEP vs. a stand-alone plan?
A MEP is cost-effective for many small companies, along with creating operational efficiencies in administering a 401(k) plan. In addition, you transfer the fiduciary responsibilities to a third party (Newport Group and Tri-Star Trust)
How much will this cost me and how does that compare to a stand-alone plan?
The cost varies per employer based on the number of employees, but it is safe to say, it is usually a 40% cost savings from a stand-alone plan.
The Michigan Chamber is proud to offer the Michigan Chamber Multiple Employer 401(k) Plan (MiMEP) administered by Tri-Star Trust Bank. Tri-Star Trust Bank is a valued wealth management partner.