NJBIA Retirement Solution
Administered by the Employers Association of New Jersey and powered by Benefit Consulting’s Group, Inc.
Help your employees achieve retirement security with a high-quality 401(k) and profit sharing plan.
Power in Numbers: Through a Multiple Employer Plan (MEP), NJBIA members have the opportunity to join with other employers and leverage power in numbers. Get access to customizable, fiduciary-managed, top-shelf plans with very low expense ratios.
Significant savings: Companies could save $40,000 when comparing expenses, fees, audits and the HR time associated with administering your own plan vs. NJBIA’s Retirement Solutions. Now that’s savings you can’t beat!
Recruit and retain valuable employees: Employees consider a retirement plan to be a vital part of their compensation package. In fact, 60% of employees are likely to switch jobs for a similar job with a retirement plan.
The most valuable cost savings can be found in the elimination of audit fees. A 401(k) plan audit is REQUIRED every year for every employer with over 100 employees participating in their plan. The average cost of a 401(k) plan audit can run between $8,000 to $10,000 per year which is completely ELIMINATED once you join a MEP. The overall NJBIA Multiple Employer Plan does get audited every year, however NJBIA picks up the costs! Each participating employer of the program will be subject to a limited scope audit, drastically reducing the work and requirements you if you were to be audited independently.
Delivering Value to Members of Every Size
Under 24 Employees startup plan savings:
25-99 Employees with $1,250,000 in assets:
100+ Employees with $5,000,000 in assets:
The benefits of adopting a retirement plan through a MEP:
- Cost savings as compared to operating your own employer plan
- Less administration time – more time to grow your business!
- Fiduciary support
- Plan flexibility
- Access to more investment choices
- Tax deductions
- Employee retention and recruitment
- And many more
Plus, exceptional service: To ensure employers and employees receive the full benefit of their retirement plan, additional resources are provided including enrollment meetings with each employer/employee, one-on-one review of current retirement standings with a licensed Financial Advisor, annual or semi-annual reviews of portfolios and more.
Call James O’Donoghue at BCG Securities, Inc.at 856-824-4166 or email James at email@example.com
The Employers Association of New Jersey is the MEP sponsor and has appointed trustees, including NJBIA, to provide fiduciary functions. BCG Securities, Inc. is a co-fiduciary and serves as the MEP’s investment fiduciary and is responsible for fund selection, ongoing monitoring and fund replacement. Generally speaking, funds are selected to provide retirement security to beneficiaries and to provide benefits at normal retirement age.
Fund selection is subject to a fiduciary standard. Funds include Vanguard, T. Rowe Price, Fidelity and Franklin Templeton and many more. Fund purchase are commission-free and the MEP is managed for the sole benefit of beneficiaries.
The MEP custodian is Mid-Atlantic Trust Company.