Case Study: Small Market 401(k) Solution
Client: Metal Products Company
Business: Privately Held Company
Employees: 120 full-time, 12 part-time
Plan Assets: $1.2 Million
Ownership: Manufacturer of sheet metal and custom components
Situation: Jim Dyer, President, was looking for ways to enhance his company's retirement program. A secondary objective was to cut cost and decrease their exposure to fiduciary risk. The manufacturing industry took a great hit in 2008-2009, and Dyer is positioning his company to both survive and flourish as the market recovers. To do this, he knows he has to evaluate all aspects of his company.
Dyer knew that the challenge of finding a new solution would be one of enhancement--a change in which his employees would see value. Given the market conditions of the previous year, he also knew that personal attention was a key consideration. Dyer began his investigation with these thoughts in mind, and met with a Financial Advisor.
Solution: The MEP Advantage
Solution. An unparalleled model-- a low cost solution for your company, and a program that will toe the line on fiduciary risk issues.
- Value Added: With a named fiduciary on the plan, employees have access to a 'best of' investment menu; employers have the confidence in knowing that the monitoring and guidance is in place to protect both them and their employees.
- There are no employer costs in offering the The MEP Advantage
Solution. (For larger plan filers, there is even the elimination of your required annual audit).
- Employers have full design flexibility in the MEP. Although the MEP offers protection that employers typically do not have on your own, it is flexible enough to grow and change along with the needs of a company. The program can be as complex as specific needs demand--from safe harbor to new comparability, or anything in between.
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