Maryland AGC
401K Plan
What Is A Multiple Employer Aggregation Program?
A Multiple Employer Aggregation Program (MEAP) is a qualified retirement plan adopted by multiple employers through their association with sponsoring organization, which acts as the lead sponsor. The MEAP is designed to gather the plan’s important administrative, record keeping and fiduciary services to be overseen by a third party, which allows the plan sponsors who participate to outsource many responsibilities that come with running a retirement plan, and often, helps reduce costs.
Why consider joining a MEAP?
Because Every Business Owner Tells Us The Same Thing: They Want A Retirement Plan Solution That Is...
Situation:
They want to focus on their business – they don’t want to be a 401(k) expert.
Solution:
The MEAP can become their 401(k) department, performing most of the administrative tasks for their plan, including handling their regular contribution files.
Situation:
They don’t want to be at risk of paying fines or penalties.
Solution:
By joining a MEAP employers can avoid much of the compliance concerns that come with offering their own plan. While their role as plan fiduciary still exists, many specific tasks transition to the Program. The employer’s ongoing role is to oversee the various parties dedicated to the plan to ensure it operates as expected.
Situation:
They don’t want to overpay.
Solution:
The MEAP delivers more value and service – potentially at similar of less cost than they are already paying. As plans grow, they’re reviewed regularly for price reductions.
For more Information, please Contact
Roger A. Feldman Financial Advisor
UBS Financial Services Inc.
500 E Pratt St, 11th Floor, Baltimore, MD 21202
410-576-3035
Roger.feldman@ubs.com
Sue Battey Director, Member Services
Maryland AGC
1301 York Road, Suite 202 Lutherville MD 21093
443-799-2348
sue@marylandagc.org