no goal is too big when you have the right plan
A multiple employer plan (MEP) is a qualified retirement plan maintained by two or
more employers who are not related under control groups, trades, businesses under
common control or affiliated service groups. A participating employer (PE) is any
employer that participates in the MEP. As plans join the MEP, plan assets remain
separate but, allow for greater buying power. The MEP still provides some
flexibility and customization in design while providing greater efficiencies in the
management and administration as a MEP.
The Ekstra 401k MEP provides greater fiduciary protection for you.
plan participants benefit
The Chart below identifies the similarities and differences between a MEP and a
traditional retirement plan as well as the benefits available to the participating
employers (PE) inside the MEP.
- File individual Form 5500
- Assets are not commingled
- Remains a qualified plan
- Able to make settlor decisions (fully customizable)
- required committee meetings
- PE is no longer the legal named fiduciary
- PE is no longer the legal administrative fiduciary
- PE is no longer responsible for the investment decisions
- Not a co-fiduciary relationship
- Eliminate 99% of your liability
- More secure, transparent & efficient
- Improved investment access & choice
- Less to do
- Reduced plan expenses
- Retain flexibility to customize
- Audit representation
What makes The Participant First 401k MEP by Ekstra so much better?
Ekstra protection — Tired of being told you're a fiduciary?
Delegation doesn't change or limit your 401k liabilities and is commonly referred
to as a co-fiduciary relationship. We are the named fiduciary so that liability
and responsibility falls squarely on us — not you.
Ekstra savings through economies of scale.
By design, the Ekstra 401(k) MEP is structured to help small and medium-sized
plans achieve the same economies of scale as larger plans. The Ekstra difference
is that those efficiencies mean more money stays in the participant's accounts.
Over time, that will greatly improve participant retirement outcomes.
Ekstra time to focus on your core business.
The Ekstra 401(k) MEP eliminates most of the day-to-day burdens that come with a
401(k) plan — leaving you with very little to do. You'll continue to submit
contributions and provide employee data which typically can be automated. That
means more time to focus on building your business.
Ekstra expertise with a world class team!
Ekstra brings together a team of the best of the best — to ensure your 401k
is world-class! All this and more at a fraction of the cost of typical 401(k)
The Participant First 401(k) MEP by Ekstra is
transparent, secure and efficient!
Because it's a MEP, it's
more affordable That's why participants
do better with us
- Don't want to be a fiduciary
- Better outcomes for participants
- Simple, transparent & secure.
- More time to focus on business
The Ekstra 401k MEP brings together a team of retirement plan specialists to
operate and provide a best in class solution for your retirement plan. Our
unique participant first approach is designed to achieve better retirement
outcomes than available from anyone else.
Fiduciary Wise has been selected to be the ERISA 402(a) Named Fiduciary and
3(16) Plan Administrator. They are an independent fiduciary and will oversee
both the operation and administration of the plan.
Nationwide Financial has been selected as the plan record-keeper. The Nationwide
platform empowers participants with access to a wide range of investment choices
they want and need through a secure, broad and flexible platform that is unique
to them alone in the 401(k) market.
InWest Retirement Solutions will provide the Third Party Administration (TPA)
services. They are responsible for the plan's compliance, testing and submission
of required plan documents to the necessary regulatory agencies.
The Dayton Company is a boutique registered investment adviser with an exclusive focus on 401k plans. Their deep understanding and holistic view of the 401k ecosystem brings tremendous value to the design, flow and function of retirement plans through relentlessly pursuing the ultimate 401k.
Counsel Trust will be the Institutional Trustee for the plan.
Planalytiq is a 401(k) analytics firm that will measure and document the
transition from your current plan and service providers to ensure that decision
is in the best interest of plan participants.
IFAM Capital is the independent ERISA 3(38) Investment Fiduciary that selects, monitors, and makes changes, as necessary, to the plan's investment choices.
Flexible Investment Advice for participants. Each participant has the option to
work with the investment advisor they prefer. This allows participants to work
with an advisor who is familiar with their unique and personal investment goals.
Independent advisor fees may be paid from the participant's plan assets upon
request. There is no plan designated participant investment advisor in order to
provide this extraordinary opportunity for plan participants.
We are the named 402(A) fiduciary and ERISA 3(16) Plan Administrator
What is an ERISA 402(a) Name Fiduciary?
- Every ERISA plan must have one
- They are responsible for ERISA Title 1 - fiduciary governance
Responsible for the management, investments, and administration of "The Plan" to
meet expert standards defined by ERISA
- The 402(a) fiduciary is the "CEO" for the plan
The Ekstra 401(k) MEP will be the named 402(a) fiduciary. That means we are the
exculpatory fiduciary, NOT a co-fiduciary as is most common.
As the named fiduciary, we represent the Plan in the event of a DOL
investigation, IRS audit, or participant claim
The named fiduciary is liable for fiduciary breaches, except in instances of
What is an ERISA 3(16) Plan Administrator Fiduciary?
- Every ERISA plan must have one
- "Legal fiduciary" to the Plan
Signs legal documents, such as the 5500, under perjury of law if not accurate
- Reconcile participant accounts
- Review plan schedules, reports and statements
Get the Ektra advantage!
Your retirement, our obsession
We select service providers that demand quality of themselves, thrive in a team
model and are focused on safety, transparency and efficiency. Nothing less is
- Review, Sign, and Submit the Form 5500 and all associated forms
- Approve Loans
- Approve Hardships
- Approve Other Distributions
- Approve QDROs
- Approve Vesting Issues
- Compliance Testing
- Audit Assistance
- Lost Earnings Calculation
Distribute the Following Required or Optional Notices: ERISA 404(a)(5), ERISA
404(c), Blackout Notice, SPD, SAR, & Spousal Consent, as Needed
- Employee Questions, Claims & Appeal Process
- Approve Selection & Monitoring of all Core Funds
- ERISA 404(c) Checklist
- Work with IRS, DOL, & Participant Grievances
- Managing Procedural Prudence
- Hold Pension Administration Committee (PAC) Meetings
- Monitoring Service Providers
- Monitoring Core Investments
- Adheres to Changing ERISA Regulations
- ERISA 408(b)(2) Requirements
- Approve Proper Education and Communication to Plan Participants
- Plan Design
- Interpret Plan Document
- Know who your Ekstra 401(k) team is
- Provide access to required participant information
- Submit contributions timely
- Maintain the required ERISA Fidelity Bond
You + Ekstra
Say goodbye to being a fiduciary!
Enjoy peace of mind.
Eliminate the fiduciary responsibilities
you never really wanted in the first place.
Be confident your particpants
will be better prepared for
- Have more time to focus on
building your business.