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). 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.
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.
Reviewing Your 401(k) Options – Recorded Webinar
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.
Connect with a Tri-Star Trust representative!
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.
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)
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.