Facebook Linkedin X-twitter Instagram Youtube
Main Menu

Multiple Employer 401(K) Plan (MiMEP)

Attract Top Talent and Simplify HR with MiMEP

Does your business (10-150 employees) struggle to compete with larger companies when it comes to benefits offered? The Michigan Chamber’s MiMEP (Multiple Employer 401(k) Plan) can help! 

HERE’S HOW MIMEP BENEFITS YOUR BUSINESS:
  • Competitive Advantage: Offer a sought-after 401(k) plan to attract and retain top talent. 
  • Cost-Effective Solution: Avoid the hassle and expense of setting up your own plan. 
  • Reduced Burden: Simplify HR tasks with a pre-designed, low-maintenance retirement program. 
  • Big-Company Benefits: Access the same low-cost investment options as large corporations. 

Ready to boost your employee offerings? Contact Tri-Star Trust at retirementplans@tristartrust.com to learn more about MiMEP 

FREQUENTLY ASKED QUESTIONS

What is a MEP?

A Multiple Employer Plan (MEP) is a 401(k) plan that groups multiple small businesses together. It offers the same benefits and investment options as large company plans but with simpler administration. 

What are the benefits of a MEP vs. a stand-alone plan?

MEPs offer several advantages: 

  • Cost savings: Typically 40% less expensive than a standalone plan. 
  • Efficiency: Simplifies plan administration and reduces paperwork. 
  • Risk mitigation: Transfers fiduciary responsibilities to experienced professionals. 
How much will this cost me and how does that compare to a stand-alone plan?

MEP costs vary based on the number of employees. However, you can expect to save around 40% compared to a standalone plan. 

MiMEP can reduce your administrative costs and deliver professional plan oversight—all while improving the employee experience. So, get started today! Offer your employees a benefit they’ll truly value—and simplify your HR workload in the process.

 



Already offering a plan? Submit the form and compare the savings.

Many employers are paying more than they need to. In a recent survey, 65% of Michigan Chamber Members said they’re interested in a more affordable 401(k) option.

TAX CREDIT CALCULATOR FOR SMALL BUSINESSES

Thanks to the SECURE 2.0 Act, offering a retirement plan is now more rewarding than ever. The Act expands the small employer pension plan start-up cost tax credit by providing small business owners an opportunity to lower their taxes when they start a retirement plan for their employees.

Use the Tax Credit Calculator to estimate your potential savings. (Businesses with more than 100 employees are generally not eligible.)

TAX CREDIT CALCULATOR