The Pittsburgh Technology Council is thrilled to announce our 401(k) MEP (Multiple Employer Plan) is now open and ready for our members to participate in it. If you are a current member of the Tech Council, you may be eligible to join the plan. It doesn’t matter if your company already has an existing 401(k) plan or if you are looking to start one.
By joining the PTC 401(k) MEP, employers and employees can potentially reduce the amount of money spent on plan fees. The PTC 401(k) MEP will help you to deliver a deep benefit package to your employees to increase morale, productivity and overall loyalty of your employees.
If you want to learn more about the plan or are interested in joining the PTC 401(k) MEP, please email Al Gusky at firstname.lastname@example.org or call 412-918-4211 to schedule a time to talk. Learn more here.
Top Reasons to Join the Pittsburgh Technology Council’s 401(k) Plan
- Potential to lower fees associated with plan document maintenance, restatement, or amendment responsibilities.
- Cost Efficiencies – due to economies of scale and combining multiple employers together by assets and number of participants, the MEP receives favorable pricing like that of larger retirement plans.
- NO annual audit requirement or audit fee at individual plan level
- Form 5500 filing is transferred from the individual plan up to the association level
- Flexible plan option for each Employer plan
- On-site or virtual education and financial consultations on 401(k) accounts
- Online tutorials, requests for loans, distributions, and hardships
- Allows businesses to offer a competitive retirement benefit at a lower cost to help attract and retain employees
- Simplified plan administration for individual employers as much of the administrative burden is shifted to the Association. Decreased plan administration duties
- Fiduciary responsibility for investment selection/monitoring resides at Association Level. Fiduciary Risk mitigation – The MEP has outsourced fiduciary duties to specialist through an ERISA 3(38) investment fiduciary and a 3(16) Operational fiduciary
- Operational outsourcing – The 3(16) Operational Fiduciary take on the plan management for the employer for all eligibility, beneficiary tracking and plan disbursements. By engaging these outsourced fiduciaries, you and your HR department will save time and money by leaving the work to the subject matter experts, rather than you or your employees
- Possibly qualify for two different tax credits that are available for starting up a new 401K plan and having your participants setup auto enrollment.
Watch this short video to learn more about the benefits of joining a MEP: https://www.pentegra.com/uploads/MEP%20Video.mp4
We are excited to offer this as a valuable benefit of membership with the Pittsburgh Technology Council!