ThePensionService

Is a Multiple Employer Plan the ideal retirement plan for your company?

Have the costs of managing a retirement plan kept you from offering this great benefit to your valuable employees? If you've rejected the options of 401(k) plans due to costs or plan management requirements, the Multiple Employer Plan might be a good fit for you.

 

What is a Multiple Employer Plan?

The Multiple Employer Plan (MEP) is a streamlined pension plan that is significantly more affordable than the traditional 401(k) plan and has limited fiduciary responsibility for your company. The MEP is designed specifically to be easy to implement and less costly but at the same time offers higher deferral limits and flexibility than a traditional SIMPLE. It’s the ideal solution for companies looking for a retirement plan that doesn't require a great deal of management time.

 

MEP Benefits

Managing a retirement plan for your company shouldn’t be a burden. The MEP offers:

• A low cost alternative to the traditional 401(k) Plan
• Reduced fiduciary responsibility
• Automatic contribution file submission
• Low time commitment from HR staff
• Easy plan for employees to understand
• Access to an experienced retirement plan staff
• Automated census reporting
• Free fiduciary fee disclosures and monitoring

With the MEP from TPS Group, you also benefit from:

• Integration between payroll and pension plan
• Direct support from TPS Group

 

Simple Plan Management and Support

With TPS Group, you have an administrative resource to support you and your employees. We manage all of the required annual compliance testing, provide you with participant statements and annual reports, and maintain your participant records. Your role as trustee is eliminated. Because your employees’ contributions are automatically deducted from their paychecks through Payright Payroll Affiliates, you don't have to waste valuable staff time managing your plan.

 

Expertise You can Rely on

As a member of the MEP, your company will benefit from the expertise of TPS Group's staff. With nearly 50 years administering retirement plans and 25 years providing payroll services for companies like yours, we know how to how to help you manage a plan efficiently. We understand the complex regulations around retirement plans and can offer your company the insight that others simply cannot. This support also reduces your liability as an employer.

Ongoing service is an important part of our MEP. TPS Group sets you up properly and keeps your plan operating efficiently so you can stay focused on the business at hand. And if you ever have a question, we are just a phone call away.

 

Your MEP Partners

Companies enrolled in the MEP will work directly with The Pension Service and Payright Payroll Affiliates.

Offering a retirement plan can help you retain your best employees. Our MEP might be the right solution for you. To find out, please take a moment to call 1-855-828-2229.