401k Plan Sponsors have a fiduciary duty to manage their 401k for the benefit of their employees. Most employers want to do it right, yet in 2016 alone the Employee Benefits Security Administration closed 2,002 civil investigations resulting in 1,356 monetary outcomes totaling more than $777.5 million.*
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
After an extensive review of retirement plan services, advice and fees, we arrived at a simple conclusion; it makes more sense to price our services based on what we do for our clients, the liability we assume, and the advice we give rather than an arbitrary percentage of plan assets. The result is what we call Activity-based Pricing.