This plan was created through a partnership between the Placer County Contractors Association, Pension Point Retirement Advisors, and Voya Financial as a way for Association Members to join together and reduce costs on retirement plans. Today, more than 2400 companies from 6 different Contractors Associations in the Western US have access to this plan.
Currently there are 6 different associations in CA and NV that offer this plan to their members. You can click their logo to take you to their specific page.
What is a MEP?
A MEP, formally a Multiple Employer Plan, is a retirement plan for businesses that typically have a common interest, but not commonly owned or affiliated. In the case of The Contractors Advantage Plan, the plan is built specifically for members of the local contractors associations and builders' exchanges..
Reduced Plan Expense
Flexible Plan Design
Low Cost Fund Lineup
Prevailing Wage Friendly
Dedicated Plan Advisors
Award Winning Recordkeeper - Voya
One of the benefits of joining a MEP is the reduced administrative burden. As an adopting plan sponsor, you do not file an annual form 5500. IRS filings are done on a plan level, alleviating you from that responsibility. Additionally, for plans over 100 participants, the annual plan audit is waived. Again, this task is performed at the plan level (MEP)
Strength in numbers
The Contractors Advantage Plan was designed to provide contractors with a way to join forces in order to reduce the administrative burdens and high plan costs associated with providing a retirement plan to their workforce.
Today, more than 2400 companies from 6 different Contractors Associations in the Western US have access to this plan.
When you join The Contractors Advantage Plan, you immediately reduce the investment fiduciary liability associated with managing your plan. Pension Point Retirement Advisors acts as the 3(21) co-investment fiduciary on your plan, allowing you to rest easy when it comes to investment selection and monitoring.
Let's assume a typical $2,000,000 retirement plan with 30 participants.
As a single employer plan you can expect fees and expenses:
FEES Non-MEP MEP
Advisor, & TPA 1.65% .75%
Total Savings: .90% or $18,000*
*Above pricing illustration is typical for plan size and number of participants. Non-MEP pricing may vary by plan.
With over 60 years of combined experience in the Financial Services Industry, Pension Point is uniquely positioned to help you build a retirement plan that's right for your company. We operate on 3 core principles:
Advise with Prudence
Educate with Purpose
Create Retirement Readiness
Voya Financial, a leader in the 401(k) / Qualified Plan market with:
$346 Billion in Assets
5,000,000+ plan participants
Experience Voya's award winning participant website experience centered on retirement income.
Third Party Administrator
At Pension Management Consultants, our owners are excited about providing you with the information, guidance, and care you need in order to make wise decisions about your pension plans.
From choosing an approach to designing a plan to administering it through the years, we're your locally owned and fully credentialed resource. We offer a FREE consultation so we can get to know your goals and requirements.
121 Rue de Yoe, suite B
Modesto, CA 95354
Our Phone No.