Employees are looking for retirement benefits.

According to one study, 60% of people would opt for a job with lower pay but excellent retirement benefits. Whether a new or existing plan, offering a 401K as an institution can be costly and come with significant administrative burden. However, ICBB is here to help.

ICBB Endorsed MEAP

The ICBB MEAP is a qualified retirement plan program adopted by multiple banks through their association with Independent Correspondent Bankers’ Bank. This partnership with Lincoln Financial takes advantage of scale by aggregating plan assets, reducing costs for each bank.

By joining the MEAP, you can:

Attract top talent. Today’s workforce is savvier than ever, and they’re looking for employers who offer retirement benefits.

Reduce Costs.  MEAP takes advantage of scale, offering more cost savings the more banks join the plan. In addition, MEAP reduces costs more aggressively than other plans, with yearly repricing instead of a typical 5-year period.

Reduce Administrative Burden. By joining a MEAP, banks can avoid many of the compliance concerns and administrative burdens that come with offering their own plan.  While your role as a plan fiduciary still exists, many specific tasks transition to the MEAP.  This way, you’re free to focus on activities that generate revenue for your bank.

Don’t get left behind in the race to attract talent, and don’t waste time and money trying to go it alone. Contact us today to see how we can help.

FAQs

What if my bank already offers employees a 401K?

There are benefits to switching. Many banks don’t benchmark their 401k plan for fees and services frequently enough.  The DOL recommends that you do so every 3-5 years.  Each bank will have the benefit of professionals volunteering to help benchmark each plan that current or future banks bring to the table.  We will show where the ICBB MEAP saves in fees and show the additional ways we reduce the administrative burdens of the 401k plan.

Will I maintain control over the plan design?

Even though the banks are being grouped together for the benefit of pricing, each bank will have their own plan design according to their own specific goals.  There is not a set plan all banks must follow.

How will this plan reduce my fiduciary liability?

While your role as a plan fiduciary still exists, many specific tasks transition to the MEAP. This includes Morningstar taking over as a 3(38) fiduciary regarding investment selection and education, and Benefits Administrators taking over as a 3(16) fiduciary regarding the plan’s administration.