Give Employees the Future They Deserve with Retirement and 401(k) Planning
TruPay's best-in-class retirement and 401(k) options through our 401(k) provider AutoMEP, allow businesses to give their employees the retirement and 401(k) plans they deserve without taking on all the fiduciary and administrative responsibility traditionally required. Through a Multiple Employer Plan (MEP) maintained through a Pooled Employer Plan (PEP), businesses can feel comfortable knowing that their retirement benefits are not only keeping employees happy but attracting new talent as well.
Get rid of the time-consuming retirement plan tasks such as investment monitoring, coordination of annual audits (for employers with 100 employees or less), Form 5500 filings, trustee functions, and other administrative duties, while taking advantage of a 360 Integration with our payroll solution.
With AutoMEP Retirement and 401(k) Options, InspireHCM Clients Can...
- End responsibility for the duties of being a Plan Sponsor for the company's retirement plan.
- Unburden themselves of fiduciary responsibilities and corresponding liabilities by transferring those duties to a professional Plan Administrator and other independent fiduciaries.
- Find lower-costing options through AutoMep than most options found through investment advisors.
- Maintain flexibility by determining company contributions, vesting schedules, plan eligibility requirements, and other key plan features.
- Use specialized technology including online enrollment, help videos, and account management tools.
- Streamline 401(k) planning processes with automatic enrollment features built into AutoMEP that support the active engagement of all employees and give them a path to attain their retirement savings goals.
- Access a well-diversified investment menu built for the active or passive investor and supported by a 3(38) Fiduciary Investment Manager.
- Provide employees with a uniquely personalized, goal-based experience that helps them take steps toward financial independence.
- Provide investment advisors with the tools they need to spend more time consulting with the employers and participants and less time being bogged down managing fiduciary oversight
- Reap the service benefits of a larger plan with the PEP economies of scale.
Retirement and 401(k) Plan Types
Multiple Employer Plan (MEP)
A Multiple Employer Plan (MEP) is a single retirement plan – such as a
401(k) or pension plan – maintained by two or more employers. They may
be sponsored by trade groups, Professional Employer Organizations (PEOs)
or third-party plan sponsors, or co-sponsored by a group of employers.
Note: MEPs should not be confused with “multiemployer plans,” which are commonly seen among unionized companies.
Pooled Employer Plan (PEP)
A Pooled Employer Plan (PEP) is an MEP that is sponsored by a Pooled Plan
Provider, such as AutoMEP. Unrelated employers may participate in the plan, there is one 5500 filed for the plan as a whole and the Pooled Plan Provider is responsible for the audit. 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. But, the PEP assumes most fiduciary and administrative responsibilities, including responsibility for investment monitoring, coordination of annual audits, Form 5500 filings, trustee functions, and other administrative duties.