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These are all valid concerns—but the fact is this:
So how do you overcome all these concerns and take advantage of all the hiring and retention benefits?
MEPs take a lot of up-keep.
As a result, they take a lot of employee hours, which more often than not costs you as the PEO more money. With Workforce Management Agency and TAG Resources at the helm of your retirement plan, you can stay on top of your business, knowing that the day-to-day responsibilities of your plan are being looked after.
Every Retirement Plan has to take governmental compliance seriously.
TAG administered plans are consistently compliant, so IRS and DOL audits are a breeze. No TAG administered program has ever failed a DOL audit.
The responsibility of a retirement plan should never be undersold.
This is not a scare tactic, it's a fact! 67.2% of company's retirement plans that are audited by the Department of Labor fail the audit. Since the DOL's concern for retirement plans, above all else, is that the plan is being run for the benefit of the employees, any failings in plan administration can end up being an extremely costly problem.
Most retirement plans place the Fiduciary Responsibility, and by extension, risk, solely on the Plan Sponsor — meaning YOU!
Many providers in the retirement plan market say they offer "Fiduciary Liability Protection" in their marketing material, but in a court of law they flatly refuse any liability. TAG, in the course of plan administration, is listed as the Named Fiduciary on your plan - meaning that with the TAG Program, you are protected to the highest degree in the industry.
TAG's Plans are built on an "aggregated" model. This model combines multiple employer's 401(k) plans together under a single "End to End" retirement program. Every employer in the plan benefits from this aggregation in the form of enhanced services and lowered costs. Employers receive services that most providers don't offer - and because the services are being offered to many at once, TAG's plan costs are the same or lower than those providers.
Due to our industry-leading 3(16) fiduciary liability protection, your risk of loss of personal wealth resulting from fiduciary liability action is greatly reduced.
Because TAG fulfills 99% of plan administration duties, you don't need to have the cost of an employee or department focused on MEP administration. Your employees can stay focused on moving your business forward.
Because we keep your plan consistently compliant, you will not be subject to fines and penalties resulting from IRS and DOL audits.
The Premier General Agency of (PEO) Professional Employer Organizations. We help our clients save time navigating the competitive advantages of different companies that provide strategic workforce solutions for: Payroll Administration, Risk Management, Employee Benefits, and Human Resources Management.
Morgan Stanley Wealth Management
55 East 52nd Street, 28th Floor
New York, NY 10055
Morgan Stanley Retirement Planning for Specialized Solutions helping you create a better future for your employees through Workforce Management Agency
TAG Resources ensures your plan reaps long-term rewards with easier day-to-day operations. As the largest end-to-end retirement plan provider in the US, TAG is recognized nationally for pioneering unique Retirement Programs. The Multiple Employer Program™ is our newest innovation, bundling retirement plans together in a service model previously only available for very large companies.
The bottom line is that for every plan, TAG acts as your Retirement Plan Department so you don't have to be an expert. We're the buffer between you and the Department of Labor/IRS to keep you compliant, we provide fiduciary liability protection, and our program is priced competitively with plans that do not provide these valuable services.
The results are easy to see: every plan gets A-List Oversight. There is no company more capable of crafting retirement plans that meet the needs of today's businesses than TAG.
Transamerica is an industry-leading Record Keeper with more than $245 Billion in assets serviced, possessing more than 75 years of experience. Transamerica provides innovative retirement plan services and solutions, with an Investment Lineup selected by professional Investment Managers.
Mercer is one of the largest investment management firms in the world, with over $100 Billion in assets. With TAG & Mercer, whether you're a huge company or a small firm, you'll receive world-class Fund Selection and Fund Oversight.