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Michigan Chamber Multiple Employer 401(k) Plan

It’s Here!
Introducing a 401(k) Plan Exclusively for Michigan Chamber of Commerce Members. The MiMEP is A retirement plan solution for businesses with 2-150 employees.

 

By participating in the MiMEP, small businesses can offer all the benefits a large company can at a competitive price. With new regulations set by the Department of Labor, employers with commonalities can now band together and have their 401(k) plans treated as a single retirement plan.

 

Save money by joining the MiMEP. Avoid taking on the costs and administrative challenges of establishing a standalone retirement plan. Employers who participate in the MiMEP have full access to the same low-cost investment funds that large employees can offer.

 

MiMEP Benefits Include:
Competitive Advantage. Businesses can utilize this program to enhance their benefits package to attract and retain quality employees.
Save Money. The MiMEP can negotiate lower fees from service providers based on large participants numbers and account balances.
Save Time. Our team of financial experts will complete the necessary paperwork and handle all the administrative details.
Create Efficiencies. Operational, transactional, and reporting functions are transferred to a third-party, thereby reducing fiduciary and financial risk.
As a small business owner, who is looking to attract and retain quality employees, you look for resources that will give you a competitive advance and allow you to provide financial stability to your workforce.

 

The Michigan Chamber worked diligently to research options to help small businesses offer an affordable retirement benefit option.  The Michigan Chamber is proud to offer the Michigan Chamber Multiple-Employer 401K Plan (MiMEP) administered by Tri-Star Trust Bank. Tri-Star Trust Bank, a long-time Michigan Chamber member, and administrator of the MiMEP. Tri-Star Trust Bank is a valued wealth management partner.

 


Retirement Plan Conversion Completed in 15 Days

The provider of a corporate retirement plan for a Tri-Star client was selling its business to a new provider out of state, but the client wanted to keep its retirement plan managed locally. The conversion to Tri-Star’s 401(k) Plan had to be accomplished within 21 days (rather than a typical 60 days) to avoid a costly and time-consuming two-step process. Tri-Star’s Employee Benefits Team stepped up to the challenge. Not only did we meeting the accelerated deadline, the conversion was completed with six days to spare.