401(k) Retirement Program: A Smarter Way to Offer Retirement Benefits

Chamber members now have access to a 401(k) Multiple Employer Plan (MEP) as a member benefit!

Offering a strong retirement plan shouldn’t be complicated or expensive. A 401(k) MEP is a simpler, more cost-effective way to provide retirement benefits to your team.

We’re able to bring this benefit to our members through a partnership with the Greater Akron Chamber. It’s powered by Transamerica, an experienced national provider, giving your business access to a high-quality plan without the usual burden. CAPTRUST, a local member, helps to administer this benefit.

What Is a Multiple Employer Plan (MEP)?

A MEP is a single retirement plan sponsored by one entity that multiple businesses can join. Instead of each company managing its own plan, participating employers operate under one shared structure. That means less administrative work, reduced risk and access to better pricing through pooled resources.

Why It Matters for Your Business

A competitive retirement benefit helps you attract and retain employees. Often, small and mid-sized businesses don’t have the time or budget to manage it well. This program fixes that.

Key Benefits for Chamber Members

• Less administrative burden. Many of the day-to-day responsibilities are handled for you, including compliance, reporting, and employee tracking.
• Reduced fiduciary risk. Oversight is centralized, helping limit your exposure while still giving you control where it counts.
• Cost savings through scale. By pooling assets with other employers, you gain access to pricing typically reserved for larger companies.
• No individual audit or Form 5500 filing. One plan means fewer headaches and less paperwork each year.
• Flexible plan design. Customize your plan with options like safe harbor provisions, Roth contributions, eligibility rules, and matching structures.
• Better tools for you and your employees. You’ll have access to a dedicated employer dashboard, along with participant tools designed to help employees plan and prepare for retirement.

What’s Handled for You

Participating in the MEP means many of the most time-consuming tasks are taken off your plate, including:

• Plan compliance and nondiscrimination testing
• Employee eligibility tracking
• Annual reporting
• Distribution processing
• Participant enrollment and education
• Required communications and notices
• Investment monitoring and oversight

Who Should Consider This?

• Businesses that don’t currently offer a 401(k) but want to
• Employers looking to reduce the cost and complexity of their existing plan
• Companies competing for talent and needing stronger benefits

Get Started

This is one of the most practical, high-impact benefits available through Chamber membership. If you’ve been putting off offering a retirement plan, or you’re frustrated with the one you have, it’s worth a closer look.

Questions? Reach out to Autumn Zerbe, Membership Development Manager, at 330-458-2075 or contact Grey Kennedy, CAPTRUST at 330-535-4550 or Grey.Kennedy@captrust.com.