Sep 21, 2020
Newport and its advisor partner worked together to establish a Multiple Employer Plan (MEP), offering a low cost, operationally efficient and fiduciary protected solution for local businesses.
This large Chamber of Commerce was looking for a way to retain and grow their membership. They were also seeking new ways to help small businesses in their communities support successful retirement outcomes.
Some Chamber members did not offer retirement plans because of perceived cost, administrative hassle and potential personal liability while others have a plan in place and are looking for relief from the obligations of a stand-alone plan.
Newport and its advisor partner created a MEP to benefit members by:
- Reducing fiduciary liability
- Creating operational efficiencies
- Benefitting from cost-effectiveness
- The MEP benefits the Chamber by:
- Creating an additional connection with existing members
- Increasing the value and price of membership
- Providing a new way to enlist new members to the Chamber of Commerce
The Chamber of Commerce now offers a MEP to its current members. This plan offers a low cost, operationally efficient and fiduciary solution for small businesses who are Chamber members. This turnkey solution allows employers to focus on their business while setting their minds at ease that they can offer a premier retirement solution for their employees with little to no work on their end.
- Client: Chamber of Commerce has over 4,000 employers with fewer than 100 employees
- Plan Type: 401(k)
How We Helped the Client:
- Value add for members
- Increased membership fees
- Opportunity for future growth
- Economies of scale
- Better retirement outcomes for their communities
- How We Helped
Click here to download the case study.
Newport Group, Inc. and its affiliates provide recordkeeping, plan administration, trust and custody, consulting, fiduciary consulting, insurance and brokerage services. Investment Advisory and fiduciary consulting services are offered through Newport Group Consulting, LLC, a registered investment adviser and wholly owned subsidiary of Newport Group, Inc. For more information about Newport Group Consulting and its services, please visit newportgroup.com or refer to our Form ADV Part 2, which is available by contacting us at 407-333-2905, or visiting our website.
Newport and its affiliates do not provide tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before making any decisions. 20200821-1306926-3983189