Business & Tech
The Chamber And Bryson Offer ‘Multiple Employer Plan’ Benefit
'Multiple Employer Plan' is a retirement plan for businesses that typically have a common interest but are not commonly owned or affiliated
No retirement plan for employees? No worry, as a Chamber member, the Multiple Employer Plan (MEP) is the perfect remedy.
A (MEP) is a retirement plan for businesses that typically have a common interest but are not commonly owned or affiliated. These businesses, the members of the Long Beach Area Chamber of Commerce, would be considered adopting employers if they choose to join the MEP.
“We are excited to bring an innovative product offering such as a MEP to the businesses in Long Beach that will allow for them to offer a streamlined, low cost, high quality retirement plan to their most valuable asset, their employees, ” said Trent Bryson, CEO of Bryson, who will formally introduce the MEP at The Chamber’s “Good Afternoon Long Beach” virtual event on May 11 from 12-1 p.m.
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Chamber members benefit from The Chamber acting as the MEP sponsor as they will maintain the MEP and master contract under which the adopting employers participate. As the MEP sponsor, key benefits include:
- Cost savings compared to operating a single employer plan.
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- Fiduciary and administrative support.
- Minimal plan maintenance.
- Customizable 401k plan design.
- Reduced Audit costs.
“We are always looking for partners in the community that can create added value for our members in terms of networking for business growth, community and leadership programs, or employee benefit services,” said Jeremy Harris, President and CEO of the Long Beach Area Chamber of Commerce. “Together with Bryson, we are providing Chamber members with a unique program to offer their employees financial growth and investment security.”
Bryson will be the relationship manager and primary contact for the Chamber and all Chamber members that adopt the Multiple Employer Plan and will provide the following services:
- Education and enrollment meetings for both the Chamber members and their employees.
- Annual investment reviews and compliance guidance.
- Alleviate investment liability as the 3(38) Investment Manager Fiduciary,
- A 3(38) is responsible for the investment selection, monitoring, and replacement of plan options.
- In conjunction with BEI & Transamerica, Bryson will provide plan design consulting and marketing/education materials.
As an independent advisor, Bryson can partner with any recordkeeper and administrator in the retirement space. Their independence allows them to fully vet the experts chosen for the Long Beach Area Chamber of Commerce MEP without bias.
MEPs have an unbundled structure, which provides flexibility to outsource plan administration and investment selection responsibilities to experts beyond the financial institution providing the custodial services for the MEP.
As a result of this flexibility, an unbundled plan will have multiple parties involved in the processes, but the additional expertise typically outweighs any concerns about including an additional provider.
Bryson is a leading insurance brokerage and corporate retirement firm focused on cost reduction and a strategic approach for business owners and their HR teams, building partnerships to help enhance bottom line performance.
The Long Beach Area Chamber of Commerce (LBACC) is one of the largest membership chambers of commerce in Los Angeles County. The Chamber serves as the catalyst for business growth, a Convener of leaders and influencers, and a Champion for a stronger community. For additional information, visit www.lbchamber.com or follow on Twitter @thelbchamber, Facebook @lbchamber and Instagram @longbeachchamber.
