Multiple Employer 401(k) Plan
Large corporations offering a 401k plan to their employees take advantage of volume expense discounts because of the number of employees who participate in the plan. Administrative expense fees are reduced considerably due to the law of large numbers.
Small to mid-sized companies offering a 401k plan to their employees pay much higher expense fees because of the smaller number of employees who participate in their individual plan.
An Open Multiple Employer 401k Plan is designed for participating unrelated employers who have no commonality except for providing retirement benefits to their employees. Each participating employer can keep their current benefit plan design based on their needs.
Our goal is to provide lower expense costs while reducing employer administrative responsibilities and fiduciary liability. The Compliance 401k Open MEP 401k plan features a two-layer protective shield for the adopting employer, including the services of:
- Compliance 401k 3(16) Administrative Fiduciary
- 3(38) Fiduciary Investment Manager
The Open MEP Plan performs 99% of all administrative tasks within the plan, allowing you to devote your time and energy on growing your business, while we focus our efforts on protecting your business.