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AutoMEP

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What is an Open Multiple Employer Plan (MEP)?

A MEP is a single retirement plan – such as a 401(k) or pension plan – maintained by two or more employers. They may be sponsored by trade groups, Professional Employer Organizations (PEOs), third party plan sponsors, or co-sponsored by a group of employers. MEPs should not be confused with “multiemployer plans,” which are commonly seen among unionized companies.

What is the benefit of an AutoMEP?

In a MEP, individual employers are responsible for ensuring that the plan is functioning properly and for conducting nondiscrimination testing on their own participants, as well as other fiduciary duties. An AutoMEP assumes most of these fiduciary and administrative responsibilities, including responsibility for investment monitoring, co-ordination of annual audit, Form 5500 filings, trustee functions, and other administrative duties.

The goal of AutoMEP is to create a high-quality, low-cost retirement plan for everyone.

  • For employees: a chance to reach their retirement savings goals
  • For employers: much-needed confidence in their plans
  • For investment advisors: an opportunity to excel at serving their clients

Ready to learn more? 

 Check out the video below and contact us with questions. 

 

 

 

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