Greater Union Township Group Retirement Plan Program
Your Proposal to Join the Greater Union Township Group Retirement Plan Program
The Greater Union Township’s vision is to help companies compete effectively and profitably in a local, national and global economy. That means we provide and promote services that deliver value expertise, influence, resources and strength in numbers to help make doing business easier and bring meaningful benefits to the table. The Greater Union Township Group Retirement Plan Program is a Multiple Employer 401(k) Aggregation Program that we believe can help companies reduce their fiduciary and administrative responsibilities while delivering an effective and competitive 401(k) benefit for their employees.
Multiple Employer Aggregation Program (MEAP)
A Multiple Employer Aggregation Program (MEAP) is a qualified retirement plan adopted by multiple employers through their association with the sponsoring organization, which acts as the lead sponsor. The MEAP is designed to gather the plan’s important administrative, recordkeeping and fiduciary services to be overseen by a third party, which allows the plan sponsors who participate to outsource many responsibilities that come with running a retirement plan, and often, helps reduce costs.
It's Time to Review Your 401(k) Plan
By joining a MEAP, employers can avoid much of the compliance concerns that come with offering their own plan. While their role as plan fiduciary still exists, many specific tasks transition to the Program. The employer’s ongoing role is to oversee the various parties dedicated to the plan to ensure it operates as expected.
A New Business Perspective on 401(k)s
There’s more to the fiduciary role than good intentions, or even good returns. It’s essential to ensure key responsibilities are met and to adopt a prudent process for selecting and monitoring investment options. A MEAP may offer the fiduciary protection many plan sponsors need.