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A simpler, more efficient retirement program for community banks.
Running a successful community bank in today’s competitive and highly regulated landscape is becoming more difficult. Attracting, retaining, and rewarding talented employees is more important now than ever. A well designed retirement plan is a key benefit in doing that but just like banking, running a successful plan has become more challenging. Increasing fiduciary requirements are adding more administrative burdens and call for specialized knowledge that many community banks don’t have.
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The Midwest Community Bankers Multiple Employer Plan (MCBk MEP) was created exclusively for community banks to help you create a simpler, more easily managed retirement program. It frees you and your staff to focus on banking, not your retirement plan.
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Frequently Asked Questions
What is the MCB(k) MEP?
The MCBk MEP is a special type of retirement plan in which community banks join together to pool their purchasing power within a single plan. The MEP is sponsored by the Plan’s Board of Directors, who take on the responsibility and liability of running the plan. The Board of Directors of the MEP is a user board, consisting solely of executives of adopting community banks.
Key Services
Many employers underestimate the time it takes to administer a retirement plan. As an adopting employer in the MCBk MEP, you turn these responsibilities over to a group of professionals who handle plan administration, investments, and recordkeeping.