The DOL said an MEP open to unrelated employers does not constitute a single employee pension benefit plan under the Employee Retirement Income Security Act (see “DOL Says Open MEPs Not Single Employee Plans”). As a result of this recent opinion, as a fee-for-service third party administrator, American Pension Services will be generating individual Form 5500’s for each of its adopters. They will be signed by the administrator of The Platinum 401k program.
The company notes when it brought The Platinum 401k to the marketplace in late 2010, it committed that it would subsidize all of the plan audit expenses within its program for the 2010, 2011, and 2012 plan years. American Pension Services says it is standing behind that commitment, even if it means cutting significantly into its profit margins.
The company will revisit the audit pricing situation for the 2013 plan year in mid-2013.More information is at www.theplatinum401k.com.
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