This plan was designed for companies with existing plans, who are approaching the eligible participant limit, to require an annual financial audit (this audit is a limited scope financial audit, NOT a full IRS audit).
MULTIPLE EMPLOYER PLAN (MEP)
The Connecticut Chamber’s Multiple Employer Plan is a multiple employer plan designed exclusively for Connecticut Chamber of Commerce members across the state.
A multiple employer plan is a 401k plan that allows unrelated employers to aggregate plan assets to participate in economies of scale and to obtain the benefits of acting like a larger plan.
- One of the key differences is our fee structure. The plan advisory fees charged to each plan decrease as the total assets of the MEP increase. Each employers fee is based on the aggregate plan assets not on their individual company plan assets. This allows us to lower fees for every plan as more members join or assets increase due to market growth and additional contributions.
There are multiple partners involved in managing this MEP. Belpointe acts as the 3(38) investment manager and plan advisor. We use an independent record keeper and custodian, an independent TPA/3(16) service provider, as well as a participant adviser who can differ from employer to employer.
The MEP reduces fiduciary liability for the individual company plan sponsor by outsourcing administrative responsibilities, employee eligibility tracking, distribution processing, plan compliance, nondiscrimination testing, annual reporting and participant enrollment to a TPA (third party administrator) who specializes in these tasks. The TPA also prepares and signs the form 5500 as the plan sponsor. Along with reducing risk, this reduces the workload for a company’s HR professional saving them time to focus on other priorities.
Typically the MEP structure allows employers to reduce administrative fees, advisory fees and in some cases investment fees. Each employer has a unique situation, so Belpointe will do a comparison of our plan’s fee structure with your current 401k fee structure to see if our MEP is a good fit for your company.
There are only 3 fiduciary responsibilities for the individual business owners who join the Chamber MEP
- monitor service providers
- submit payroll in a timely fashion
- provide updated census data to the record keeper
Our fee structure is flexible. The fees from service providers are a combination of flat fees, per head fees, and assets under management (AUM) fees. These fees can be paid from the assets of the plan, as a corporate billable or a combination of the two.
Yes, There are three levels of 3(16) administrative services available:
- Supplemental, non-fiduciary (“ministerial”) support services such as document mailing and “hands free” processing of loans and distributions.
- Limited scope acceptance of some of the functions of the plan administrator but not all.
- Broad scope acceptance of the administrator role, to include being named as the plan administrator in the plan document and other governing documents and contracts.
Take our assessment to determine how fiduciary outsourcing can benefit your plan.
THE BENEFITS OF OUTSOURCING
Contact a Retirement Consultant
Please fill in the form below to send us an email.
Your 401(k) Partners
Senior Wealth Advisor
William Anderson is a CERTIFIED FINANCIAL PLANNER™ professional and Retirement Plan Specialist. For over 12 years, he has provided simpler, safer, and more cost-effective retirement plan solutions for clients. His services include implementing sound strategies that mitigate the, sometimes unknown, financial risk to your 401(k) plan and ultimately your and your employees’ nest egg.
As an independent Investment Advisor Representative (IAR), I look to advise my clients on their existing retirement plan vs. pitching a plan or product. This is an important distinction because it means my recommendations to a retirement portfolio are independent of any one financial product or provider.
Nick Greenhouse is a Registered Investment Advisor for Belpointe Wealth Management residing in Connecticut. He specializes in individual wealth management and retirement planning. Nick knows that there is no “one size fits all” solution to wealth management or retirement planning and is passionate about educating clients with unique solutions to meet each of his client's needs and goals.
Nick has passed his Series 65 securities examination and is a licensed CT , life, and health insurance producer. In his spare time, Nick enjoys hanging out with his family, golfing or skiing with friends, and cooking delicious things. Nick aspires to educate his local community and clients on financial wellness.
Paul has been in financial services for 27 years with offices located in Cheshire & Greenwich CT, supporting Belpointe team member Advisors throughout the country.
As a Fiduciary plan consultant Paul provides independent, fee-based services that put clients’ interests above all else, always supporting ERISA plan sponsor Fiduciaries to act in the best interest of plan participants and their beneficiaries.
Paul focuses on the unique needs of each corporate client, meeting them wherever they are in terms of their knowledge and experience of ERISA, driven by keeping the clients on a “Fiduciary Continuum” of growth
Areas of Concentration:
|Call today for a consultation. 1-866-401k-MEP||Schedule an Appointment|
Redwood Private Wealth | 3930 E. Ray Road, Suite 155 | Phoenix, AZ 85044