NLA 401(k) MEP PLAN
The Builders Exchange of St. Paul is a premier sponsoring trade association partner of a new NLA 401(k) Multiple Employer Plan (MEP). The NLA 401(k) MEP program is a retirement plan for businesses that typically have a common interest (construction, material and service suppliers, etc.) but are not commonly owned.
BXSP members with an existing 401(k) plan, or members looking to establish a 401(k) employee retirement plan, may join together under the NLA 401(k) MEP to save on administrative costs, reduce overall administrative responsibility and provide employees with a wide range of investment opportunities. By sponsoring the NLA 401(k) MEP program, BXSP will offer to its members the opportunity to participate in the NLA 401K MEP and benefit from the following plan features:
· One low annual fee covers all administrative and document costs.
· Discharge of fiduciary responsibilities for each BXSP member participating in the plan.
· Elimination of paying for Form 5500 costs and plan audits.
· Participants self-direct their investments from over 47 mutual funds provided by Lincoln Financial Group.
The employer and employee will both benefit because of the negotiated administrative and investment fees that the BXSP 401K MEP provides. The participant’s accounts are separate but all of the assets under management are pooled together to lower the fees verses employers standing alone.
The NLA 401(k) MEP is a retirement plan for businesses regardless of size. These businesses are known as “adopting employers” and are welcome to join the NLA 401(k) MEP plan.
Employers participating in the NLA 401(k) MEP must maintain active membership with BXSP.
For more information, contact your NLA 401(k) MEP representative Dan Gardner at Builders Investment Group at 612-743-4961.