Multiple employer plan
Create better retirement programs with a TIAA Multiple Employer Plan.
Learn how banding together with other employers under one retirement plan can eliminate many administrative challenges of managing a plan on your own. With a TIAA Multiple Employer Plan, you can benefit from economies of scale and offer robust plan services to your employees.
Benefits of a MEP.
A Multiple Employer Plan (MEP) can help you streamline administration, get an individualized plan design, manage fiduciary risks and better control your overhead costs. Multiple employers participate in one retirement savings plan under a single plan provider, reducing many of the obstacles and costs they'd face sponsoring a plan on their own.
How a MEP works.
At TIAA, we believe a secure retirement should be available to everyone. Together, we can make that vision a reality for your employees. We know you want to provide them with a competitive retirement plan, but managing your own plan can be difficult. That's why you should consider a Multiple Employer Plan, called a MEP. Here's how it works. You and other institutions join forces to streamline plan administration, manage fiduciary risks, meet employee needs and share retirement plan costs. The power of a MEP will help minimize the challenges you face, and you will benefit from economies of scale. Where does all this help come from? A team of experts that works for you. A third-party administrator, Registered Investment Advisor, investment manager, and plan recordkeeper are each responsible for different tasks in managing your retirement plan. That includes taking on day-to-day operations, providing compliance and fiduciary guidance, and offering educational tools and resources to your employees to help them plan effectively. Best of all, TIAA has made joining a MEP a simple process, from start to finish, so you can create stronger retirement benefits for your employees and put more secure futures within their reach. Are you ready for more value and less work with a Multiple Employer Plan? Talk to your TIAA representative to learn how a MEP can help you.
Overview
How your organization benefits with a MEP.
1
Reduced plan administration.
Gain a team of professionals who can assist with plan design, investment selection and monitoring. This includes being able to choose plan features—like vesting, eligibility requirements, matching contributions, profit sharing and automatic enrollment.
50% of employers consider a MEP for the reduction in the administrative burden.1
2
Outsourced fiduciary responsibility.
Experienced professionals act as your plan fiduciaries. Stay protected by delegating certain responsibilities to expert service providers:
Recordkeeper: Collects and allocates contributions, executes transactions, provides plan reporting for compliance and regulatory requirements
Third-party Administrator (TPA): ERISA 3(16) plan administrator responsible for the day-to-day operations, administration and ongoing compliance
3(38) Investment Manager: Responsible for selecting, managing, monitoring and benchmarking the investment offerings of the plan
Registered Investment Adviser: Provides ongoing education and advice, including on-campus education services and individual financial planning
55% of employers consider a MEP to free up resources for other employee benefits.2
3
Better employee outcomes.
Provide robust retirement plan options that give participants more choices for responsible savings and a secure future. TIAA provides award-winning educational tools and resources4—plus financial consulting to help with retirement readiness.
Employees want the security of lifetime income in retirement, and we provide that through
70% of employees believe guaranteed income should be an option in their Defined Contribution plan.3
4
Shared plan costs.
Take advantage of competitive pricing because the entire program’s assets are leveraged to negotiate pricing and services.
Sharing plan costs allows streamlined offerings, economies of scale and potentially lower prices, including reductions in fixed administrative costs and investment pricing.
75% of employers consider a MEP for its potentially lower plan costs.1
Is a MEP right for you?
Answer a few simple questions and we’ll reach out with more information.
How to get started
We support you from start to finish.
Establish transition milestones
- Focus on the specific products and services of your MEP.
- Complete all vendor service agreements.
- Review investment lineup and investment policy statement.
- Finalize the MEP charter and board resolution, and establish committee members.
Review, approve and initiate
- Approve a fee collection strategy for the MEP.
- Confirm the first wave of adopting employers.
- Stay engaged and confirm your organization's readiness.
Launch and measure
- Use PlanFocus to manage your services and access information, such as 5500 data, reporting, contributions and more.
- Maximize employee benefits and engagement with educational tools.
- Monitor outcomes, such as participant trends, transactions and metrics.
What people ask us.
What is a Multiple Employer Plan?
A Multiple Employer Plan (MEP) is a retirement savings plan where employers join together under one retirement plan.
Employers that don’t have the resources or expertise to manage a retirement plan independently can join a MEP to share the burden, overcome administrative challenges and benefit from economies of scale. A MEP offers robust plan services, negotiated pricing, reduced fiduciary responsibilities, comprehensive employee engagement programs and a team of experts.
How do I join a MEP?
To learn more about the benefits of a MEP and bringing retirement benefits to your employees,
We’ll help you develop a unique plan based on your needs, lay out all phases of the transition and prepare a communication strategy to announce the new plan features to employees.
How will my MEP plan be serviced?
Your TIAA MEP team will include a dedicated relationship manager and client service manager, plus a 3(16) plan administrator and 3(38) investment advisor. Your team of MEP experts will be responsible for managing your plan’s needs.
Will my investment options in a MEP be reduced?
On the contrary, most investment options offered in the MEP will increase. The MEP will work with the 3(38) investment advisor who will select and monitor the investment lineup from the vast investment platform TIAA recordkeeps. In addition, due to the size and scale of the MEP, employees will have access to additional investment options that may not have been available in a standalone retirement plan.
How can a MEP provide a lifetime income option for my employees?
Every MEP comes with a lifetime income option through TIAA RetirePlus. TIAA RetirePlus is a smarter default plan strategy. It can set employees on the path toward a secure retirement with an option that can include guaranteed lifetime income, lower fees and less volatility.
Will I have to change my current plan provisions if I join the MEP?
No, in most cases you keep your existing plan provisions like your vesting schedule, eligibility requirements, contribution rates and distribution options.
How does my retirement plan audit work if I am now part of a MEP?
All members of the MEP work with an auditor who is responsible for completing one plan audit for the entire MEP. The 3(16) plan administrator is responsible for signing and delivering the audit. Any standalone retirement plan will no longer have to complete their own audit.
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1 “Better Together? Multiple Employer Plans—Understanding Plan Sponsor Perceptions and Intentions,” LIMRA Secure Retirement Institute, 2019.
2 Deb Dupont, "What's Old Is New Again," LIMRA Secure Retirement Institute Review, Issue 2, Dec 2019.
3 LIMRA, "Prediction: The In-Plan Annuity Market Will Grow Exponentially Over the Next Two Years," Feb. 14, 2023.
4 TIAA’s best practices in offering investment and financial education to Defined Contribution plan participants have been recognized by Pensions & Investments (2017, 2018, 2021-2023 Eddy Awards), Plan Sponsor Council of America (2017, 2020 and 2021 Signature Awards), and the Mutual Fund Education Alliance (2016 Star Retirement Award).
This material is for informational or educational purposes only and is not fiduciary investment advice, or a securities, investment strategy, or insurance product recommendation. This material does not consider an individual’s own objectives or circumstances which should be the basis of any investment decision.
Any guarantees under annuities issued by TIAA are subject to TIAA’s claims-paying ability.