Your time
your focus
The freedom to focus on banking, not your retirement plan.
The Benefits of Joining MCB(k) MEP?
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.
Simplified Plan Administration
Under MCBk MEP, administrative responsibilities and duties are outsourced. Pentegra Retirement Services assumes the roles of ERISA section 3(16) named plan administrator and fiduciary for the Plan.
Economies of Scale
The MCBk MEP makes it easy to offer a high-quality retirement program to any size community bank. By collectively participating, banks are able to leverage their combined purchasing power to access institutional quality features in a more cost-effective manner than single employer plans can access on their own.
Professional Investment Management
The advisors at Nicklas Financial serve as investment manager and ERISA section 3(38) fiduciary for the Plan with responsibility for fund selection and ongoing monitoring of the plan’s investment lineup in accordance with a written investment policy statement. The pooling of plan assets affords access to low cost, institutional quality investment fund share classes, and the benefit of professional investment oversight.
MEP Expertise
Pentegra was founded as a multiple employer plan and trust by the Federal Home Loan Bank System in 1943. As one of the largest and most experienced MEP providers in the nation, MEPs are the foundation of their business.
Outsourced Fiduciary Relief
MCBk MEP offers the ability to outsource fiduciary responsibility and provide an elevated level of governance and attention to detail. Under MCBk MEP, the bank outsources all three key fiduciary roles in a retirement plan – the Named Fiduciary, Trustee and 3(16) Administrator roles. By participating you can truly transfer virtually all fiduciary responsibility for the management of your retirement program – your name comes off the legal document as Named Fiduciary, Trustee and Plan Administrator – eliminating the primary fiduciary responsibilities that come with sponsoring a retirement plan.