What Every Company 401k Plan Fiduciary Needs to Know about MEPs
As opposed to a single employer plan, the company will be adopting a plan that also covers other employers,” says Taylor Hammons, VP, Head of Retirement Plans at Kestra Financial in Austin, Texas. “As a result, when evaluating adopting a MEP, most companies should ask how their fiduciary responsibilities, administrative support and pricing would be impacted by adopting a MEP. Specifically for pricing, they want to understand how the aggregation of plan assets could help reduce their pricing. Also, along the lines of ‘one bad apple spoils the bunch’, they want to understand how a plan failure by another adopting Plan Sponsor may adversely impact their fiduciary responsibilities.
FiduciaryNews.com, September 25, 2018
