What is a MEP
A Multiple Employer Retirement Plan (MEP) is a retirement savings plan that covers two or more employers. It enables small organizations to offer big-company benefits.
Key characteristics include:
Single plan document
One Form 5500
One plan audit
Pooled assets and administration
Centralized governance
The ISC MEP utilizes TIAA as our record-keeper, Pentegra as our third-party 3(16) administrator, and Compass Financial Partners as our 3(38)advisor and also provides extensive options for participant education.
Click on the short video below for more information.
What are the Benefits to a School
The best employees expect a solid retirement plan to be a part of their benefits package. The ISC Multiple Employer Retirement plan allows you to meet the unique needs of your school while also serving the best interest of your employees.
As a member of the ISC MEP, your school will maintain plan design flexibility while mitigating your fiduciary responsibilities for monitoring, compliance and most administrative tasks.
Program Advantages Include:
Flexibility in Plan Design – Maintain your unique plan design features such as vesting schedules, type and amount of employer match, Roth option, availability of plan loans and hardship
Fiduciary Support – Your MEP 3(38) advisor will handle most of the fiduciary responsibilities
Reduction of Administrative Responsibility – Your MEP 3(16) Administrator will take care of items such as employee notices, eligibility tracking and distribution management.
Cost Savings – Take advantage of expanded share class availability, open architecture, reduced costs associated with plan document maintenance, restatement, or amended responsibilities
What are the Benefits to Employees
MEP member schools are able to offer employees:
A world-class retirement plan with investment options and share classes most organizations could never offer on their own.
Low fees and expense ratios
A wealth of online educational tools
A team virtual advisors
On-campus education
