With almost 50 years as retirement plan administrators for companies like yours, we know how to manage plans well. We’ll work with you to make sure that your plan is set up properly and operating efficiently. Let us do all the legwork so that you can focus on the business at hand.
What is a MEP
MEP stands for Multiple Employer Plan. A MEP is a streamlined version of the complex 401(k) plans and are designed specifically to be easy to implement and less costly. It is the ideal solution for companies looking for a retirement plan that doesn’t require a great deal of management time.
Benefits of MEPs
Multiple Employer Plans give you the ability to pull in a group of two or more employers where there is no relation between the employers and cover them under one retirement plan. These employers may or may not share the same industry or have a common business relationship even though they are not a related employer. By implementing a MEP into your business, you’ll experience administrative convenience while minimizing fiduciary liability Multiple Employer Plans, among many other benefits, offer:
- Low-cost alternative to the traditional 401(k)
- Single source provider for payroll and pension plan
- Reduced fiduciary responsibility
- Automatic employee contributions
- Low time commitment from HR staff
- Easy plan for employees to understand
- Access to an experienced retirement staff
- Automated census reporting fiduciary fee disclosures and monitoring
Why TPS for MEPs in CT?
As industry experts in Retirement Plan Administration Services, The Pension Service makes adding a MEP to your benefit package easy, affordable, and manageable. How? When you enroll in the MEP, you’re automatically partnered with Payright Payroll Affiliates, Inc. – a leader in small business payroll solutions. This unique solution streamlines your payroll function with a single point of entry. We reduce your responsibility by providing all participant statements, annual reports and participant records. We also take care of all the required annual compliance testing. It’s time to start talking about the specific needs for your company’s retirement plan.