Multiple Employer Plan Issues RaisedMEPs have grown in popularity in the last year. Formerly the domain of Professional Employer Organizations(PEOs) and shared employee situations, several firms are promoting multiple employer plans of unrelated employers as a mechanism to reduce costs and fiduciary exposure while providing various benefits to employees. There are questions, however, as to what relationships between unrelated employers are necessary in order for a MEP to be eligible to file a single Form 5500 with a single independent audit opinion. Why You Shouldn’t Hire Your Payroll Company To Run Your 401(k) PlanThe top payroll providers offer services as third party administrators (TPAs) for 401(k) Plans. While it may be a natural segue from providing payroll, there are many reasons why you should avoid using them as your 401(k) plan’s TPA. Source: The Rosenbaum Law Firm P.C. The Value Of A Good TPAWhen it comes to retirement plan administration, too often retirement plan sponsors pick a third party administration (TPA) firm on price. This is a mistake because good TPA firms can provide a value in plan design and minimizing a plan sponsor’s liability that outweighs any savings by hiring a low cost TPA. Plan sponsors should be concerned on fees, but quality of plan administration is a more important criteria in choosing a TPA. Source: The Rosenbaum Law Firm P.C. More News
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