The Central Aroostook Chamber of Commerce (CACC) introduces another added benefit to its 22-community service area by offering a Multiple Employer Aggregation Program (MEAP) 401(k) retirement plan to its member businesses.
The plan that is being made available by the CACC will be extended through two credible local third-party firms, Barresi Financial and Thompson Hamel LLC. The MEAP allows the Chamber of Commerce to present a retirement plan to businesses that are unrelated except by locale, rather than having to belong to the same industry.
“What does relate these businesses is their investment with their local Chamber of Commerce,” states Executive Director LaNiece Sirois, “creating a robust list of benefits to make their return on their investment is of great priority of our board.”
The Central Aroostook Chamber of Commerce has almost 400 members. The potential for saving both money and administration time will be a lure to member businesses that either already offer retirement plans to their employees or don’t because of the cost and time required to do so. While the plan is open to businesses across the 22 communities, only chamber member businesses can enroll. This plan is created to relieve business owners of the fiduciary requirement. Managing a retirement plan can take between 50-70 hours per year for employers. This MEAP can significantly reduce the work typically needed to keep a plan in place.
The MEAP is designed to gather the plan’s important administrative, recordkeeping, and fiduciary services to be overseen by third parties. Additionally, among other benefits, this group 401(k) solution organization offers plans to members at a group rate which can potentially be a lower price than an individual rate.
“We are thrilled to be able to offer this new member benefit to help our member institutions”’ says CACC President Margo Dyer, “and hopeful to increase the amount of retirement opportunities offered to CACC’s central Aroostook service area employees.”
Sole proprietorships may also apply. Pooling small 401(k) retirement saving plans can help save owners time and money, potentially extending retirement benefits to workers who would not normally have access to them.
For more information, email info@CentralAroostookChamber.com or call 207-764-6561.
