Multiple Employer Plans
We sponsor an Open MEP and also assist other entities in setting up and administering both Closed and Open MEP for their members, clients and associates. Example of these MEP client would be Payroll companies that want to offer a streamlined program to their clients or a Financial Planner that wants to streamline the 401(k) Plans for some of their clients.
A Multiple Employer Plan (MEP) allows employers to participate together in a retirement plan sponsored by an outside entity that bears responsibility for operating the plan. By removing the employer as trustee and sponsor of their own retirement plan and transferring liability to an independent fiduciary, the employer is no longer directly responsible for investment selection and monitoring. Additional benefits include assisting employers in contracting with an accountant for their plan audit as part of their annual Form 5500 filings.
This type of program is ideal for:
- Plans seeking professional oversight and management
- Trustees seeking to reduce the level of fiduciary liability exposure
- “Frozen” retirement plans
- Adopters ‘spinning out’ of a PEO retirement program
- Plans seeking reduced pricing structures
- Plan advisors looking to work with their clients under a cutting edge plan structure while staying firmly within their client relationship
The Accumulator 401(k) Plan is a Multiple Employer Plan established under 413(c) of the Internal Revenue Code. TPS Ancillary Services, LLC DBA The Fiduciary Studio is the Plan Sponsor for The Accumulator 401(k) Plan and assets are held at John Hancock.
To learn more about the MEP The Pension Studio offers through The Fiduciary Studio or to establish your own MEP, contact us today!