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How Growing Companies Can Provide Big-Business Retirement Benefits — at a Low Price

Few executives are as thoroughly acquainted with their employees’ needs as are small business owners. Unfortunately, it is often challenging for small businesses to provide the same caliber of benefits as larger, more established companies. If you feel as though you’re forced to choose between providing your employees with sub-par benefits or adding on an extra cost to your growing business, think again. Using a 401(k) MEP (Multiple Employer Plan) may be your solution to offering a competitive retirement benefit while cutting cost

The 401(k) MEP: What is it?

The name itself gives it away. A 401(k) Multiple Employer Plan lets small businesses partner with one or more companies to consolidate their plans and share the cost. Alone, you may not have the funds to rival larger corporations, but there is strength in numbers. Your combined finances allow you to negotiate a better deal with plan providers. Lowering your costs has a trickle-down effect – you not only provide your employees with a great benefit, but by lowering your costs you can also lower the fees your employees would otherwise pay

How does the WTIA 401(k) MEP work?

Our 401(k) MEP is available to WTIA tech employers. It’s best suited to those who employ more than 25 people, who are subject to an annual 401(k) audit, and who want to do a Safe Harbor Match. It can also be a great fit for smaller companies but anticipate growth in the coming 1-3 years. The MEP will grow as you grow.

Consolidating member companies into an MEP helps level the playing field as small companies compete with larger ones for tech talent. Consolidation does not mean sacrificing your individual needs. Our plan design provides the flexibility that is so necessary for growing companies looking for the perfect fit. Under our 401(k) MEP, employers have contribution and options and an excellent fund menu with multiple fund providers. Our top-notch customer service representatives will help you find the right plan for you. We take the lead on administrative obligations and relieve you of fiduciary responsibilities and liabilities.

Like you, we care about your employees’ well-being. As part of each plan, we offer resources to help your employees get the most out of their benefits. Each year a participating employer can choose either a half-day presentation from a WTIA representative on how best utilize their 401(k), or half-day with a WTIA advisor who meets with employees one-on-one. Either way, it’s free.

Of course, questions can arise at any point in the process. That’s why our locally-based customer support team is available via phone and email to you and to your employees to answer questions about accounts, contributions, investments, and rollover assistance.

I’m in. What’s next?

If you think a 401(k) MEP might be right for you, our team will meet with you, help assess your needs and design a 401(k) plan that works perfectly for you.

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