At a time when only the best talent will do when hiring staff to take a business to the next level, salary alone often isn’t enough. The benefits package also needs to reach a higher level to beat the competition.
That’s where the Arizona Technology Council’s partnership with Empower and Legacy Wealth Management comes in by providing a robust 401(k) Multiple Employer Plan (MEP) to Council members. The MEP is designed to offer member companies the benefits and flexibility of a standalone 401(k) plan without the usual expenses, fiduciary liabilities and administrative burdens.
From a government reporting standpoint, the MEP is treated like one large plan. The end result for members is a retirement plan with competitive investments and outstanding service while someone else does the legwork, allowing business leaders to focus more on running their businesses effectively.
Organizations in the MEP can take advantage of many key benefits:
No annual audit – Members are exempt from the yearly audit requirement.
Cost savings on investments – The plan features institutional low-cost investments.
No individual Form 5500 reporting
Minimal plan maintenance – The plan simplifies maintenance to save time and resources.
Flexible plan features – They include safe harbor, Roth and profit-sharing options.
Customizable plan design – Options include eligibility, matches and vesting schedules.
Reduced fiduciary responsibilities – Related to that are minimized liabilities.
For more information on the Council’s 401(k) MEP, visit www.aztechcouncil.org/401k-multiple-employer-plan/.
