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!
- 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
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.
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.
MEP costs vary based on the number of employees. However, you can expect to save around 40% compared to a standalone plan.
TAX CREDIT CALCULATOR FOR SMALL BUSINESSES
The SECURE 2.0 Act of 2022 makes retirement plans, like a 401(k), more accessible for small businesses. 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 below to determine your savings. Businesses with more than 100 employees are generally not eligible for the credit.