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).

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.