In 2015, we introduced a Multiple Employer 401k, powered by Pentegra, that bundles 3(38) and 3(16) services into the core package. By joining forces with other plans, you can gain access to fiduciary outsourcing, institutional share classes and other “large” plan features at an affordable price point.
Multiple Employer Plans (MEPs) are one of the most cost effective and efficient ways to sponsor a retirement plan. MEPs offer economies of scale that make it affordable for employers to outsource the plan’s principal fiduciary roles and simplify and streamline plan administration
A well-designed 401(k) plan can help attract, retain and reward talented employees. Many small businesses have a strong desire to offer a 401(k) or other retirement plan but face considerable hurdles in terms of cost, expertise and dedicating the necessary time to properly run the plan. Multiple Employer Plans (“MEPs”)eliminate these hurdles.
Most employers overlook many of the following duties of retirement plan fiduciaries. More often than not, these are examples that result from ignorance more so than willful disobedience, combined with a mistaken belief that third-party administrators (TPAs) are handling everything for them
Employer Responsibilities Under a Traditional Single Employer Plan Employer versus Responsibilities Under a Multiple Employer Plan (MEP)
While many assume the greatest source of retirement plan liability is the plan’s investments, in reality the vast majority of lawsuits and regulatory actions involve failures in administration.
Today, Pentegra and Six8 Advisors marked the anniversary of the Six8 Multiple Employer Plan (MEP), celebrating the success of a program that has now doubled in both size and scope.