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Multiple Employer 401(K) Plan (MiMEP)

How's your 401(k) performing?

MI Chamber members with 10–150 employees can participate in the Michigan Chamber multiple employer 401(k) Plan (MiMEP). For small- to medium-sized business owners looking to attract and retain quality employees, this resource can make a real difference and provide a competitive advantage – all while helping boost financial stability for your workforce.

FAST FACTS

By participating in the MiMEP, exclusive to MI Chamber members, 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.

To learn more about MiMEP, contact Tri-Star trust at retirementplans@tristartrust.com

New 401(k) Options – Recorded Webinar

Many small businesses are looking for ways to offer valuable retirement benefits to their employees while remaining viable. New legislation and regulations allow for multiple employer 401K plans that can result in significant cost savings and greater access to this key financial tool.

This free webinar features updates on the latest federal “Securing a Strong Retirement Act” or SECURE 2.0 for short. With more than 90 changes to retirement savings plans, tune in now to understand the changes and opportunities that your business may be able to harness today.

CALCULATE YOUR TAX SAVINGS NOW

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.