For most small businesses, a 401k plan can appear too cumbersome to manage and too expensive to implement. This means most small business owners cannot adequately save for their retirement. Further, attracting and retaining employees becomes even more difficult since employees know the value of a 401k plan and saving for retirement. Now, chamber members can set up their own 401k plan using the purchasing power and cost savings of the Madeira Chamber.
Introducing the Chamber MEAP
A MEAP (Multiple Employer Aggregation Program) is a new kind of defined contribution plan similar to the 401(k) plans offered today by individual employers, but with many advantages for you and your employees. The MEAP operates similarly to the SOCA Benefit Plan offered to members looking to save on their the healthcare options they provide their employees.
Benefits of the Program
- 401k offered at a reduced cost to the Employer and their Employees
- Significant reduction in employer’s administrative burdens, saving you time
- Transfer of the Fiduciary Responsibility of sponsoring a 401k Plan from employer to recordkeeper
- Easy implementation of a startup 401k plan for employers without a plan
- Easy transition of current 401k to Chamber 401k plan with little work on behalf of the plan sponsor
- Having a 401k plan is shown to be a useful tool in recruiting and retaining a quality workforce
- Each company that adopts the Madeira Chamber plan is able to design the plan in a manner that best suites their needs
- The plan gets the benefit of aggregated pricing
The Madeira Chamber has partnered with John DiMauro and Cincinnati Financial Advisors in Madeira to offer a MEAP for its members. Offered through Lincoln Financial, members can set up their own 401k plan with a diverse lineup of investment options, while offloading the administrative burden of managing the plan. Additionally, each plan will have John DiMauro as their Financial Advisor to help implement the plan, help select the investment lineup, and work with individual participants on their investment options.
To find out if this program is right for you, start with a Zero Cost fee analysis and benchmarking of any existing 401k plans for new and existing chamber members. Start taking advantage of this valuable benefit today by calling John DiMauro at 513-317-2265 and jump start your company’s 401k Plan.