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.
What are the Benefits to Employees
MEP members are able to offer employees a world-class retirement plan with investment options and share classes most organizations could never offer on their own. In addition, employees have access to a wealth of online educational tools, a team virtual advisors, and on-campus education.
What are the Benefits to a School
Schools joining the MEP will be able to significantly reduce their current retirement plan administrative workload and annual costs while also offloading liability for both administrative compliance and fiduciary responsibilities. Schools with current TIAA retirement plans can transition their assets to the MEP with relative ease and little to no ongoing costs. Non-TIAA or start-up plans can also join and will work with our outstanding MEP Team through a step—by-step onboarding process. Costs for these plans vary but are consistently well below the cost of an individual plan.