Multiple Employer Plans
Sponsors of multiple employer plans have special needs. In some ways, a multiple employer plan acts like a single plan, with a single plan sponsor and centralized administration. In many others ways, a multiple employer plan acts like multiple plans, with as many plans, plan designs, and interested parties as there are adopting employers.
What do you need from a plan service provider to handle these contrasting features of your multiple employer plan? On the one hand, you need a provider with the experience and sophistication to manage a large plan with significant assets. Since your plan’s assets combine the assets of each adopting employer, your total plan assets are often quite significant. This means that your provider has to have the expertise and know-how to help you navigate your responsibilities as the plan sponsor of a significant plan involving multiple companies. Since you must coordinate the demands of your adopting employers, you also need a provider that has the technological capacity to ease your administrative burdens.
On the other hand, you need a provider that is willing to provide personal service to each of your adopting employers. Since each adopting employer can customize their plan features (within the bounds of your plan document), you need a plan provider that specializes in the needs and interests of small, closely-held businesses – a skill often lacking in many of the largest plan providers. Since most adopting employers want the cost-savings of a multiple employer plan, but do not want to give up the personal attention that comes with sponsoring an individual plan, you also need a provider that is able to provide adopting employers with reporting capabilities and plan access similar to what they would receive if they sponsored their own plan.
Capital Retirement Plan Services specializes in meeting the unique needs of multiple employer plans. Our size and experience means that we regularly manage plans just like yours with significant assets and complex administrative needs. Our focus on plan design and customization means that we are able to meet the unique needs of each adopting employer.
What can you expect from us? We will be a Reliable Partner that will provide superior customer service to your clients and will reduce your administrative burden by providing state of the art technology and superior record-keeping and trading services. Capital will provide:
- Dedicated relationship manager to help manage and grow your plan
- Customized pricing
- Plan design specialists to customize plan features
- Single payroll file submission - not multiple files for each adopting employer
- Extensive participant education through enrollment meetings, webinars, and online education presentations
- Online fund transfers
- Online enrollment for participants
- Online loan applications for participants
- Online termination distributions
- Email verification of participant changes
- Quarterly contribution reports verifying employer contributions of each adopting employer
- Quarterly listing of newly eligible participants
- Plan sponsor web access for each adopting employer
- Participant web access for instant access to account information
- Online posting of Plan Notices, Summary Plan Descriptions, and Annual Reports