The traditional offering for a retirement benefit plan for a chamber of commerce is to sponsor a MEP. But the MEP is simply the wrong fit for this type of organization.
Many Americans tend to think that a 401(k) plan is an auxiliary benefit, much like taking vitamins to stay healthy. Regardless, the 401(k) is the primary retirement vehicle in the United States today.
It’s important to look at the benefit of an MEP compared to a business directly sponsoring a 401(k) plan on their own. Here are four things that make an MEP something to consider.
The bigger question is what commitment is having a 401(k) plan going to be on you? Will you be able to pay for the benefit?
I could find good employees while offering average benefits, but it was better to offer above average benefits to get above average results. This leads me to one of the top benefits, the 401(k).