MMC 401 k benefits- Plan today, save for tomorrow
As a valued MMC client your company has a great opportunity to establish a 401 k at a fraction of the cost than if your firm were to sponsor it alone. What is so unique about the MMC plan? The MMC 401 k is a multi-employer plan which allows MMC clients the ability to leverage over $25 million in collective assets. This translates to tremendous volume discounts for all who are in the plan. In a retail 401 k plan you would be paying somewhere between $1500-2500 in set up costs. This is in addition to a $1500-$3000 annual base fee and $25-30 per head charge on an ongoing annual basis. The MMC plan because of its size is able to provide a premier 401 k plan with significant cost savings to all participating MMC clients. As a standard adopter of the plan, there is no set up charge and flat fee of $235 a year.
In addition, the investments contained in the MMC plan are of the caliber found in Fortune 500 company retirement plans. There are best-in-class investment opportunities in every category, including Vanguard index funds. Many of the investment opportunities would not be available in smaller retail plans and the total investment expenses are less than half of those in the retail market. These investments are being monitored on an annual basis by 401 k Advisors, a leading independent financial advisory firm hired by MMC. 401 k Advisors is also available to give individual investment guidance and education for participants.
The MMC plan is an extremely flexible plan like no other 401 k retirement plan. Business owners can have a basic 401 k, a Safe Harbor 401 k or a 401 k with matching plan formula or Safe Harbor. With the plan, we can help business owners and highly paid individuals shelter large sums of money on a tax deductible basis. MMC also fulfills all fiduciary roles and responsibilities with the MMC 401 k. In an environment where business owners are facing increased scrutiny from the DOL and IRS, a multi-employer plan like the MMC 401 k offers significant mitigation of fiduciary responsibility to each adopting employer. The reason is simple: The adopting employer ceases to perform key roles that incur fiduciary status.
If your organization has an existing plan, we can potentially save you of thousands of dollars in administrative fees and lower costs for participants. As you are considering a new 401 k, please contact us. We have the resources to develop a cost effective retirement plan for your employees.