Multiple Employer Plan Working
with Merrill Lynch and Transamerica, FBMA has adopted a Multiple Employer Plan (MEP).
An (MEP) is a retirement plan that covers employers that
typically have a common interest, but are not commonly owned. These employers become “Adopting Employers” when
they elect to join the MEP. These plans can be defined contribution (DC) or defined benefit (DB) plans.
By joining the FBMA MEP, your company
will receive the economies of scale that have generally been reserved for large businesses. Services and features of an MEP
are generally less expensive than what a small business typically may receive on their own from a retirement plan provider.
With FBMA as the plan sponsor, your
company will benefit from savings on audit, document preparation, plan design and consulting, Form 5500 preparation and filing,
quarterly participant and other costs. Additionally, almost all administrative tasks will be offloaded to Transamerica
Retirement Services including: - Tracking
Contribution Limits
- Tracking Catch-Up
Contributions
- Process Hardship Requests
- Process Distributions Upon Termination
- Nondiscrimination Testing Support
- Mailing Employee Notices
- Processing Participant Loan Requests
Even though FBMA as the plan
sponsor, has removed much of the burden of switching to another plan, you still will control the vesting, eligibility requirements,
matching contributions, automatic enrollment and general plan design.
Click Here to Download Frequently Asked Questions
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Plan Consultant
FBMA has selected Michael Greiner of Merrill Lynch to serve as the Association's
independent and objective investment advisor and plan consultant. Michael will also serve as the plan's investment consultant
and advocate to ensure that Transamerica is doing everything possible to best service the plan. Michael is a Financial Advisor with the Merrill Lynch office
in Ocala, Florida, and has over 17 years experience in the financial services industry. He has been with
Merrill Lynch since 1999 and has been serving as the Branch Manager since 2007.
He obtained the CHARTERED RETIREMENT PLANNING COUNSELOR℠ designation
from the College of Financial Planning. His primary areas
of practice are personal and corporate retirement planning.
After completing and returning the survey (see link below), you will begin the process
of obtaining specific information about how joining FBMA’s MEP will benefit your company. Or, if
you wish, give Michael a call at (352) 368-0642 and he will be glad to answer any questions you may have.
Click Here to Download Your Company Survey
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