The Makes Sense 401k: A breakthrough retirement plan that makes sense for employers and their employees.
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How the Makes Sense 401k is constructed to benefit you.
The Makes Sense 401k uses the well-established Multiple Employer Plan ("MEP") structure, which for years has been commonplace among same-industry groups, trade associations and similar groupings of affiliated employers. The Makes Sense 401k takes this well-established structure with its many benefits and makes those benefits available to unaffiliated employers.
The IRS recognizes that the Multiple Employer Plan ("MEP") structure, including the unaffiliated employer variation like the Makes Sense 401k, is a valid 401k construction. The Department of Labor ("DOL") simply requires, as it does for all plans, that each individual employer (a) submit its own DOL Form 5500 (done on your behalf by the Makes Sense administrator), (b) have an ERISA/Fidelity bond, and (c) have an annual audit if you have more than 100 employees in the MEP (the audit is also optionally arranged by the administrator). Other than that, the managers and administrators of the Makes Sense 401k take care of most everything required for the successful operation of your 401k plan and shoulder almost all 1 of the fiduciary responsibilities and liabilities imposed by the IRS, DOL and ERISA.
You, as a participating employer, simply adopt the Makes Sense 401k as your plan. You immediately enjoy the benefits of joining an existing, proven turnkey plan - no legal fees or setup charges to pay, no consultants to hire, no Trustees to name or commities to form. Almost all the fiduciary responsibilities and liabilities are borne by the Makes Sense 401k Trustee and the Trustee's appointees - not by you.1
Happy business owner and employer sponsor of the The –Makes Sense 401k.
The legal construction of the Makes Sense 401k was guided by one of the highest authorities in the retirement plan industry, Marcia Wagner of the Wagner Law Group. Ms. Wagner was voted as one of the most 25 most influential persons in the 401k world for 2012, was named by her peers as "Preemminent" in her field, and literally wrote the book on fiduciary compliance in the retirement plan arena ("The ERISA Fiduciary Compliance Guide," 2012). She even taught a course on 401k compliance issues to IRS Audit Agents.
Although specifically designed to control and centralize fiduciary liabilities away from employers, the Makes Sense 401k also brings simplicity and ease of administration as additional benefits. Each employer has many options which can be used to customize their particular participation in the Makes Sense 401k, including eligibility requirements, employer matching-contributions (if any), vesting schedule for employer contributions, loan provisions and many more. Click here to learn more about how the Makes Sense 401k provides a better plan for your employees.
1 You, the employer, still are responsible for exercising due diligence in the selection of the Makes Sense 401k!
Yes! This does make sense! Click here to get started.
Call us toll-free at: 1-877-843-4015 (1-877-THE-401k).