Chamber of Commerce Members Benefit from MEP: A Case Study

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.

The Situation

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.

The Solution

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 Outcome

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.

Fast Facts:

• 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

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