The MEP Choice 401(k) plan, offered by MidAmerica MEP, Inc., provides a complete, customizable plan design that is suited for small- to mid-sized companies, according to a press release. The plan provides enrollment kits, live customer service and online access to plan information and fund options. The plan is available to employees at least 21 years of age and with at least one year of service to the employer, and offers a Roth feature.
Any employer can apply to be part of the MEP Choice 401(k) Plan. Employers in a multiple employer plan are not required to be related or affiliated in any way.
Mesirow Financial Investment Management, Inc. will act as investment manager (as defined in Section 3(38) of ERISA) to the MEP Choice 401(k) plan with responsibility for fund selection and ongoing monitoring of the plan lineup.“The multiple employer plan is an attractive option for employers who want to offer their employees a robust 401(k), but would rather leave the burdens of plan design, management, audits and fund selection to someone else,” said Bill Yoerger, senior vice president of AUL Retirement Services, in the announcement. “With this multiple employer plan, many of the traditional concerns like cost, complexity and liability – concerns that may prevent a company from fully endorsing and supporting a retirement plan – are addressed on behalf of the employer.”