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
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
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
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) plans.
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
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
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 undiscovered dishonesty
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
- 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 acceptable.
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
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
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, Inc is the plan's ERISA 3(38) Investment
Fiduciary. The investment fiduciary is responsible for selecting,
monitoring, and making any necessary changes to the investment lineup
in accordance to the plan's investment policy statement.
Counsel Trust will be the Institutional Trustee for the plan.
Planalytiq, Inc 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.
Financial Wellness is provided by SmartDollar.
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.
You + Ekstra
Say goodbye to being a fiduciary!
Enjoy peace of mind.
Eliminate the fiduciary responsibilities
never really wanted in the first place.
Be confident your particpants
will be better prepared for retirement.
- Have more time to focus on
building your business.