MICHIGAN CHAMBER OF COMMERCE MEMBERS WITH 10–150 EMPLOYEES CAN NOW PARTICIPATE IN THE MICHIGAN CHAMBER MULTIPLE EMPLOYER 401(k) PLAN (MiMEP).
As a small business owner who is looking to attract and retain quality employees, you look for resources that will give you a competitive advantage and allow you to provide financial stability for your workforce. The Michigan Chamber is dedicated to providing business solutions for its members.
The Michigan Chamber worked diligently to research options to help small businesses offer an affordable retirement benefit. As a result, the Michigan Chamber is proud to offer the Michigan Chamber Multiple Employer 401(k) Plan (MiMEP), administered by Tri-Star Trust Bank.
By participating in this program, 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 be 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 employers can offer.
The MiMEP Benefits Include
- Competitive Advantage – Businesses can utilize this program to enhance their benefits package to attract and retain quality employees.
- Save Money – The MiMEP can negotiate lower fees from service providers based on large participant numbers and account balances.
- Save Time – Our team of financial experts will complete necessary paperwork and handle all of the administrative details.
- Create Efficiencies – Operational, transactional, and reporting functions are transferred to a third-party, thereby reducing fiduciary and financial risk.
Learn more about MiMEP by contacting the Michigan Chamber
The Michigan Chamber Multiple Employer 401(k) Plan is powered by Tri-Star Trust Bank, a long-time Chamber member and administrator of the MiMEP. Tri-Star Trust Bank is a valued wealth management partner. Tri-Star focuses on building caring, genuine relationships that strengthen families and transform the communities which it serves. Tri-Star specializes in full-service wealth management, business 401(k) solutions, financial planning, and charity and foundation wealth management.