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Michigan Chamber Multiple Employer 401(K) Plan (MiMEP)

Attract Top Talent. Simplify HR. Save Money.

Give your team the benefit they value most – a 401(k) – without the extra cost or complexity. The Michigan Chamber’s Multiple Employer 401(k) Plan (MiMEP) empowers small businesses to offer a high-quality, affordable retirement plan with ease, saving time, money, and administrative headaches.

  • Exclusive to Chamber Members (10–150 employees)
  • Verified by leading retirement plan experts at Tri-Star Trust
  • Designed for savings, simplicity, and retention
3 SIMPLE STEPS TO A BETTER 401(K)

Think of a Multiple Employer Plan (MEP) as a shared 401(k) for small businesses. It offers great benefits without the usual administrative stress, and getting started is simple. We’ll introduce you to our partner, Tri-Star Trust, and they’ll guide you through every step so you can support your team without the added workload.

CONNECT

Fill out our brief inquiry form below. A dedicated retirement expert from Tri-Star Trust will reach out for a no-pressure discovery call to understand your business goals.

COMPARE

Tri-Star Trust will perform a side-by-side analysis of your current plan or provide a new custom quote. You’ll see exactly how much you can save on administrative fees and how much time you'll win back.​

ENROLL

Tri-Star Trust will handle the onboarding and employee education. You get a high-quality, compliant retirement plan with 40% less overhead and significantly reduced fiduciary risk.

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 SIMPLIFY YOUR COMPANY'S 401(K)? LET'S CONNECT.

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.)

Nancy Parker Saginaw Childrens Zoo
“Since implementing this plan, our level of employee participation has been incredible, beyond our expectations. Most eligible employees participate signifying they want this benefit. Offering a 401(k) was the right decision.”
Nancy Parker
Executive Director, Saginaw Children's Zoo
Monica Moser
“The entire process from start to finish was easy and supported by a team of professionals. We were able to design a portfolio that meets the needs of our individual staff members, and we’re now able to offer a competitive benefits package as we grow.”
Monica Moser
President and CEO, Jackson Community Foundation
Why would MiMEP be a good option for my business?

A small business employer and their employees both win by participating. By pooling assets under one plan, Michigan Chamber of Commerce members can benefit from economies of scale and offer an attractive retirement savings option at a lower cost to their employees. Adopting employees will be offered a menu of investment options that allow for self-direction and will receive regular statements on their plan. MiMEP also allows for custom design, so that each adopting employer can implement provisions, such as eligibility and matching, that meet specific needs.

What is the pricing of the MiMEP?

There is no onboarding fee if you have a current 401(k) plan with assets. With new plans, there is a $1,000 onboarding fee for the plan startup, which the employer pays. Employers also are responsible for a $1,300 annual fee. Employee participants pay $70 per year, plus a Trust & Custody fee of five basis points a year and an annual financial advisory fee of 35 basis points per year.

For example, if MiMEP has 100 participants with $10,000 each in their accounts, participants would pay 40 basis points plus $70 per year, for a total of $110 per year, or only $27.50 per quarter.

How does the MEP work?

Say goodbye to administrative headaches and legal risk. Through the MiMEP, businesses band together into a single pooled retirement plan to unlock big-company savings and lower costs. Dedicated fiduciaries handle the strict ERISA compliance while your financial advisor serves as a personal concierge—giving you top-tier retirement benefits with a fraction of the exposure.

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