Technology Industry Group in Washington Launches Open MEP

The Washington Technology Industry Association (WTIA), an advocacy group for the technology community in Washington State, announced its benefits suite has expanded to include a new 401(k) multiple employer plan (MEP).

The WTIA’s 401(k) MEP offers all the retirement services for employees traditionally only afforded to large businesses; that’s because from a government-reporting standpoint, it is treated like one large plan. Strength in numbers makes it possible for employers to deliver a high-value retirement savings plan while benefiting from an institutional pricing model. This empowers businesses employing the plan to reduce plan fees, eliminate audit expenses, decrease fiduciary liability, and avoid administrative headaches, while still gaining all the same perks associated with sponsoring an independent plan.

The WTIA’s partnership with Empower Retirement enables employers to offload virtually all administrative tasks, providing them with assistance in investment selection, fund monitoring, employee education, and customizing the plan to their individual needs.

“Most small to mid-size companies dream of offering a 401(k) to their employees, but the time it takes to manage the administrative side of things often turns that vision into a pipe dream,” says Michael Schutzler, CEO of WTIA. “The WTIA’s 401(k) Multiple Employer Plan take a hands on service approach handling all the legwork for employers. This makes superior retirement services a reality, and gives our local businesses a leg up in recruiting and retaining high-demand tech talent.”

More information is at http://www.washingtontechnology.org/.