Members of the SCV Chamber can enjoy the benefit of participating in a large 401(k) even if they aren’t a large business themselves.
The Santa Clarita Valley Chamber of Commerce partners with LBW Insurance and Financial Services and Lincoln Financial Group to oversee their Multiple Employer Aggregation Program (MEAP) retirement plan. The MEAP is a qualified retirement plan and is adopted by multiple employers through their association with the sponsoring organization; in this case, that's the SCV Chamber. This program creates the ability for small and medium sized businesses to offer cost-effective 401(k) retirement plans for their employees with substantially fewer administrative responsibilities.
The plan helps business owners offer an attractive benefit while reducing overhead expenses and meeting new state requirements. Beginning July 1, 2021, California will require all businesses with over 50 employees to offer their employees a retirement savings program. Then, by July 1, 2022 companies with 5 or more employees will be required to provide the same.
Whether an SCV Chamber member company already has a large 401(k) or is looking to set one up for the first time, this is a compelling and powerful option. Business owners should benchmark their current plan with the MEAP to review the administrative and investment cost of their plan, the level of fiduciary protection in their plan, the scale of their administrative responsibilities, and if they are providing best in class investments to their employees.
Three key reasons to consider joining the SCV Chamber’s MEAP 401(k)
- It’s easy – the MEAP performs most of the administrative tasks
- You’re protected – employers still assume the role of plan fiduciary, but much of the compliance concerns are assumed by the MEAP
- It’s cost competitive - the MEAP delivers more value and services for similar, and possibly lower, costs than what employers see with individual plans
View this 2-minute video to learn more.
To discuss the SCV Chamber of Commerce’s MEAP, contact our team today!
- Todd J. Lerner, BFATM
- Financial Advisor
- Email: ToddL@lbwinsurance.com
- Phone: (661) 702-6025
Not a member of the SCV Chamber of Commerce, but interested in this program? Consider joining the Chamber! Find information here or contact the Chamber at hello@scvchamber.com or (661) 702-6977.
Securities offered through Securities America, Inc., Member FINRA/SIPC. Financial Advice & Investment Advisory Services offered through PFG Advisors. LBW, PFG Advisors, Lincoln Financial Group, and Securities America are separate entities.
