Give your people the benefits of a full-featured retirement savings plan that minimizes your organization’s administrative workload.
MTLC membership gives you access — the plan handles the paperwork for you.
Spend more time focusing on running your business. By participating in the MTLC Retirement Plan, virtually all administrative tasks can be offloaded from you to the plan manager, WTIA, or the third-party administrator, NWPS.
Tasks that can be shifted may include:
- Administrative responsibilities
- Plan compliance
- Non-discrimination testing
- Annual reporting
- Participant education/enrollment
Strength in numbers
The MTLC Retirement Plan is a Multiple Employer Plan (MEP). From a government reporting standpoint, it is treated like one large plan.
When you participate in the MTLC Retirement Plan, you have all the advantages and flexibility of a stand-alone plan sponsor, but avoid the expenses, fiduciary liabilities, and administrative headaches of managing it yourself.
Benefits for employers
- Flexible plan features, including safe harbor, Roth, and profit sharing
- Customizable 401(k) plan design options involving eligibility, matches, vesting schedules and more
- Cost savings on the investments
- Minimal plan maintenance
- Reduce your fiduciary responsibilities
- No individual Form 5500 reporting
Frequently Asked Questions
A MEP serves many employer groups through a standardized feature set that includes:
- One pricing model
- Base plan design with flexible design options
- Investment menu
- Plan fiduciary: a member governance board that oversees performance
- Curated service team: advisor, record keeper, TPA, and relationship manager
- In-person, webinar and phone investment advice for participants
- Audit, 5500 and other compliance reporting
A stand-alone 401(k) plan serves one employer group, does not contain many MEP features, and the employer is the fiduciary. The employer must design the plan, select the service team, and comply with all reporting and annual audit (if applicable) requirements.
The MEP’s multiple value propositions include:
The MEP employs a program manager who serves as your point person and walks you through plan design, participant enrollment, reminds you of important deadlines, supports you through compliance filings, and answers administrator and participant questions.
Relief from fiduciary responsibility
The MEP has an active member governed board that assumes investment liability and reviews investment performance. The MEP is also responsible for paying the fiduciary bond and insurance.
The MEP comes pre-built with some ability to customize.
Rich feature set
The MEP includes an administrator and investment advisor for your employees.
The MEP is affordable for all employer sizes and very cost effective for groups over 100 employees. As an example, the MEP saves large employer groups (>100 employees) between $10,000 – $25,000 in annual audit costs.
The MEP can serve technology companies in the U.S. that have 2 or more employees.
The MEP best serves tech employer groups with over 25 employees, or small tech employers who are willing to offer a 4% safe-harbor match. However, there are plenty of groups smaller than 25 who don’t offer a match and the Plan will assist with compliance issues that can arise without offering a safe harbor match.