Group 401(k) solutions
There’s strength in numbers
Administration, cost and legal responsibilities are real considerations for small-business owners when it comes to offering a 401(k) plan. But it doesn’t have to be a challenge.
Multiple employer plans (MEPs) and multiple employer aggregation programs (MEAPs) are group 401(k) solutions that can help small businesses reap the benefits of offering a retirement plan without owning all of the plan’s responsibilities.
Group 401(k) plans
A group 401(k) plan can reduce costs, liabilities and administrative tasks for business owners.
How to add value
Add value by shining a light on a need your client may not know exists — and offering a solution. Your client could serve small-business owners by sponsoring a MEP or a MEAP.
Group 401(k) plans and programs can be a natural fit for a variety of organizations. When you think about your book of business and your prospects, keep these groups in mind:
- Closely affiliated associations
- Common ownerships
- Professional employer organizations (PEOs)
- Industry-specific and other organizations like:
- Banks and credit unions
- Affiliated service organizations (ASOs)
- Medical service organizations (MSOs)
- Payroll companies
- Accounting and certified public accountant (CPA) firms
- Property and casualty insurance firms
- Franchising groups
- Adviser books
- 3(16) fiduciary organizations