Benefits
How?
The MassTLC Retirement Plan is a Multiple Employer Plan. From a government reporting standpoint, it is treated like one large plan. The end result for you is a retirement plan with competitive investments, outstanding service, and someone else taking the fiduciary responsibilities of the day to day operations of the plan.
Strength in Numbers
When you utilize the MassTLC Retirement Plan, you have all the advantages and flexibility of a stand-alone plan sponsor, but avoid the expenses, fiduciary liabilities and administrative headaches of managing it yourself.
By participating in the MassTLC Retirement Plan, virtually all administrative tasks can be offloaded from you to the plan manager, WTIA, or the third-party administrator, NWPS.
Tasks that can be shifted may include:
Please contact the plan sponsor for the MassTLC Retirement Plan below:
What is a Multiple Employer Plan (“MEP”)?
A MEP serves many employer groups through a standardized feature set that includes:
How is a MEP different than a stand-alone 401(k) plan?
A stand-alone 401(k) plan serves one employer group, does not contain many MEP features, and the employer is the fiduciary. The employer must design the plan, select the service team, and comply with all reporting and annual audit (if applicable) requirements.
Why chose a MEP over a stand-alone plan?
The MEP’s multiple value propositions include:
Active management:
We employ an in-house program manager who serves as your point person and walks you through plan design, participant enrollment, reminds you of important deadlines, supports you through compliance filings, and answers administrator and participant questions.
Cost effective:
The MEP is affordable for all employer sizes and very cost effective for groups over 100 employees. As an example, the MEP saves large employer groups (>100 employees) between $10,000 – $25,000 in annual audit costs.
Turnkey solution:
The MEP comes pre-built with some ability to customize.
Rich feature set:
The MEP includes an administrator and investment advisor for your employees.
Relief from fiduciary responsibility:
The MEP has an active member governed board that assumes investment liability and reviews investment performance. The MEP is also responsible for paying the fiduciary bond and insurance.
What companies are eligible to participate?
The MEP can serve technology companies in the U.S. that have 2 or more employees.
Is the MEP the right solution for you?
The MEP best serves tech employer groups with over 25 employees, or small tech employers who are willing to offer a 4% safe-harbor match. However, we do have plenty of groups smaller than 25 who don’t offer a match and we’ll assist with compliance issues that can arise without offering a safe harbor match.
Mass Technology Leadership Council, Inc.
420 Bedford St, Suite 250
Lexington, MA 02420
Phone: (781) 993-9000
Contact us: contact@masstlc.org
