MiMEP 401(K) Plan

    Stronger Together:
    Uniting for Cost-Effective
    Retirement Savings

    The MiMEP 401(k) Retirement Savings Plan gives our small business members and their employees access to retirement plan choices often only available to larger companies. As a member of the Michigan Chamber of Commerce, you can benefit from the combined purchasing power of our Multiple Employer Plan (MEP) for retirement savings. You and your employees will get all the advantages and flexibility of a stand-alone tax-deferred plan, but without the expenses and administrative burden associated with sponsoring a single-employer plan.
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    Why not take a look?

    1.

    Our plan establishes a tax-deferred retirement plan for employees.

    2.

    If you already have an established retirement plan, we can help you save costs while not losing benefits.

    3.

    With no Form 5500 reporting or annual audits, you can reduce your current plan’s administrative burden.

    Why not take a look?

    1.

    Our plan establishes a tax-deferred retirement plan for employees.

    2.

    If you already have an established retirement plan, we can help you save costs while not losing benefits.

    3.

    With no Form 5500 reporting or annual audits, you can reduce your current plan’s administrative burden.

    Gain a Competitive Advantage

    Help attract and retain talent.

    With our MiMEP, small businesses now have the ability to offer retirement plans that are more competitive and that help employees get on track with retirement savings.

    Did You Know?

    65% of Michigan Chamber of Commerce members were interested in a lower-cost 401(k) option

    Source: Michigan Chamber of Commerce survey

    Reasons to Switch

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    By combining resources, we can achieve economies of scale that lowers expenses and better positions your employees for a successful retirement outcome.

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    Our MiMEP reduces fiduciary liability since the adopting employer is no longer the trustee or plan administrator for their retirement plan. Included in the plan is all 3(16) fiduciary services and 3(38) Investment Management services.

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    Send Us Your Application

    MiMEP is managed and administered by Tri-Star Trust, a long-time Michigan Chamber member. We specialize in full-service wealth management, business 401(k) solutions, financial planning, and charity and foundation wealth management. Talk to one of our retirement specialists to see how your business could benefit from joining MiMEP.

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    Frequently Asked Questions

    What is a MEP?
    MiMEP is a Multiple Employer Plan (MEP) that offers a fully customizable, turn-key retirement plan to employers at lower costs. This was made possible because of new regulations set by the Department of Labor in 2019, which allow employers with commonalities to band together and have their 401(k) plans be treated as a single retirement plan.
    What businesses are eligible for the plan?
    MiMEP is open to the more than 5,800 member employers, trade associations and local chamber of commerce organizations. The MiMEP is designed for businesses with between 2 to 150 employees and is now open for enrollment.
    What businesses are eligible for the plan?
    Based on the unique structure of this plan, fiduciary liability is transferred to the ERISA 402 and ERISA 3(16) fiduciary, and further to an ERISA 3(38) fiduciary via a contract executed between the plan custodian, adopting employer and 3(16) fiduciary. The advisor provides support to the adopting employer and becomes the liaison between them and the other providers. That means employees who were formerly acting as the plan administrator with a standalone plan can significantly reduce fiduciary liability.
    Why would MiMEP be a good option for my business?
    A small business employer and their employees both win by participating. By pooling assets under one plan, Michigan Chamber of Commerce members can benefit from economies of scale and offer an attractive retirement savings option at a lower cost to their employees. Adopting employees will be offered a menu of investment options that allow for self-direction and will receive regular statements on their plan. MiMEP also allows for custom design, so that each adopting employer can implement provisions – such as eligibility and matching – that meet specific needs.
    What is the pricing of the MiMEP?
    There is no onboarding fee if you have current 401(k) plan with assets. With new plans, there is a $1,000 onboarding fee for the plan startup, which the employer pays. Employers also are responsible for a $1,300 annual fee. Employee participants pay $70 per year, plus a Trust & Custody fee of five basis points a year and an annual financial advisory fee of 35 basis points for year.

    For example, if MiMEP has 100 participants with $10,000 each in their accounts, participants would pay 40 basis points plus $70 per year, for a total of $110 per year, or only $27.50 per quarter.

    Call For A Free Consultation

    (989) 492-7620

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    Get In Touch

    Saginaw
    1004 N. Michigan Ave.
    Saginaw, MI 48602
    (989) 921-0010

    Frankenmuth
    160 S. Main St., Suite 2,
    Frankenmuth, MI 48734
    (989) 652-6600

    Lansing
    3511 Coolidge Rd., Suite 300
    East Lansing, MI 48823
    (517) 827-004

    Midland
    200 E. Main St., Suite 100
    Midland, MI 48640
    (989) 492-7620
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