Simplify Retirement Planning with the Colorado Springs Chamber & EDC’s MEAP
The Colorado Secure Savings Program (Senate Bill 20-2000) mandates businesses with five or more employees to offer a qualified retirement plan.
To help our members comply with this law and offer competitive benefits, the Colorado Springs Chamber & EDC has partnered with Transamerica to offer a Multiple Employer Aggregation Program (MEAP) to all members at the Business Advocate level or higher.
A MEAP is a qualified retirement plan shared by multiple employers connected to a hosted organization that serves as the primary host. This program centralizes essential administrative, recordkeeping, and fiduciary services, which are managed by a third party. This setup allows participating employers to outsource many of the responsibilities associated with managing a retirement plan, often resulting in significant cost savings.
This 401(k) solution streamlines retirement planning for businesses, providing cost savings, legal protection, and improved employee retention.
“The Chamber & EDC is always looking for ways to provide meaningful support to our members, and the MEAP is a game-changer,” said Craig Carle, Vice President of Membership. “This program not only simplifies retirement planning for businesses but also helps them save money, reduce legal risks, and enhance employee benefits. We’re thrilled to offer this as part of our commitment to helping local businesses thrive.”
For more information about the Colorado Springs Chamber & EDC MEAP, please reach out to the Chamber & EDC membership team at membership@cscedc.com, 719.471.8183.
Why Choose the Chamber & EDC MEAP?
Save Time:
- Comprehensive Management: Experts handle contributions, distributions, and recordkeeping.
- Streamlined Administration: Combined reporting and reduced HR workload.
- Quick and Easy Setup: Ready-to-go plans eliminate the need for complex design.
Reduce Legal Risks:
- Shared Responsibility: Professional management ensures compliance with federal laws like ERISA and IRS regulations.
- Minimized Liability: Outsourcing fiduciary duties protects your business from legal challenges.
Cost Savings:
- Lower Fees: Save an estimated $1,000–$4,300 annually. Larger businesses may save $10,000+ with a Pooled Employer Plan (PEP).
- Streamlined Compliance: Expert oversight keeps you aligned with evolving regulations, avoiding fines.
Boost Recruitment and Retention:
- Competitive Edge: Offer benefits comparable to larger firms to attract top talent.
- Employee Loyalty: Show commitment to your workforce’s financial future.
Learn More at In the Mix
Join us on Thursday, December 5, 2024, for a presentation on this exciting new membership benefit.
Harvey House
2 N Cascade Ave Suite 100
Inside The Catalyst Campus for Technology & Innovation
11:15 a.m. – 1 p.m.
Discover how the MEAP can save you time, reduce legal risks, cut costs, and enhance employee retention.
Questions?
The MEAP is available to Chamber & EDC members at the Business Advocate level or higher. For more information or to enroll, contact the membership team at membership@cscedc.com.