When it comes to the topics of talent attraction and employee retention, there are many topics and areas of discussion that people jump to. Things like job descriptions and employee engagement are commonly discussed, while topics such as benefits can take a back burner. Truth is one of the biggest deciding factors for employees or potential new hires is how a company will provide for their future. Here is why AutoMEP 401(k) and retirement planning is the best option for your business to give employees the future they deserve.
When it comes to attracting and retaining the best talent, it's critically important to offer competitive benefits that are not only enticing to employees but that they can actually take advantage of. With AutoMEP 401(k) and retirement planning options, employers can ensure that their employee's futures are in good hands.
AutoMEP is an experienced team of fiduciaries, helping employers design and manage retirement plan options through a Multiple Employer Plan (MEP) – a single retirement plan such as a 401(k), or pension plan, maintained by two or more employers.
Through the retirement plan options available through AutoMEP, businesses can:
Through AutoMEP, businesses can take advantage of two core types of retirement plan options, a Multiple Employer Plan (MEP) or a Pooled Employer Plan (PEP).
A Multiple Employer Plan (MEP) is a single retirement plan maintained by two or more employers. An example would be a 401(k) or pension plan. They may be sponsored by trade groups, Professional Employer Organizations (PEOs)
or third-party plan sponsors, or co-sponsored by a group of employers.
Important to note is that an MEP should not be confused with multiemployer plans, commonly used amongst unionized companies.
A Pooled Employer Plan (PEP) is a MEP that is sponsored by a Pooled Plan Provider. Unrelated employers may participate in a PEP plan,as there is one 5500 filed for the plan as a whole. The Pooled Plan Provider is responsible for the audit, in other words, no more audits for employers.
In a PEP, individual employers remain responsible for ensuring that their plan is functioning properly and for conducting nondiscrimination testing on their own employee group. The PEP on the other hand, assumes most fiduciary and administrative responsibilities, including responsibility for investment monitoring, coordination of the annual audit, Form 5500 filings, trustee functions, and other administrative duties.
Businesses that elect to use AutoMEP and TruPay for retirement planning needs can give employees the retirement benefits they deserve, without having to take on all the fiduciary and administrative responsibility. Managers can begin to hand off time-consuming tasks like investment monitoring, coordination of annual audits, Form 5500 filings, trustee functions, and other administrative duties that come along with offering 401(k) benefits to employees. The best part, with a 360 integration with our payroll solution, businesses don't need to worry about communicating things such as contribution amounts to their 401(k) provider.
Additionally, TruPay clients who choose AutoMEP for their 401(k) and retirement needs can also expect to reap the following benefits:
Pooled resources with other employers can allow for lower costs and a higher level of fiduciary services for businesses, allowing for more options for both employers and employees.
Through AutoMEP's sophisticated technology, businesses can offer online enrollment options including iJoin, account management, and communication tools.
Documented 5500 filings, investment reports, employee testing, contributions, and communication tools are all available through AutoMEP.
AutoMep serves as a trustee, plan sponsor, record keeper, 3(16) plan administrators, and 3(38) investment manager, taking on all of the fiduciary responsibilities so that employers can focus on more strategic tasks for their organization.
Participants and employees can manage their own portfolios (from a set of core options) or have a risk-managed target date fund do the work for them, making for excellent self-service options.
With AutoMEP, managers finally gain the ability to offload legal, financial, and operational burdens to an experienced team of fiduciaries.
Offering the right 401(k) and retirement benefits to employees can lead to a major change in your workforce, including boosts in employee retention, talent attraction, morale, employee engagement, and even productivity. Give employees peace of mind, by offering options that make retirement easy and off the top of mind.
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