What is a MEPP?
A Multi-Employer Pension Plan is created for an organization or association who wish to provide a turnkey solution as an incentive for its Members.
The governance documents and structure of the Plan are tailored to the requirements of the Plan Sponsor and to comply with all regulatory requirements within the jurisdiction. A Multi-Employer Pension Plan is established as a Trust, with its own Board of Trustees appointed to maintain the Plan and who are the authorized signatories for the Plan and all associated accounts.
A Member Company would not need to be Trustees or set up bank accounts but join the Plan through adopting a Deed of Adherence whereby they agree to adhere to the Trust Deed and Plan Rules. Specific features of the Plan are customizable for each Member Company to enhance their individual operational efficiencies.
Establishing a MEPP
PMI works closely with Associations, Co-Operatives, Organizations, etc, to develop and establish a formal Pension Plan structure, including customized governance documents (Trust Deed, Plan Rules, and Investment Policy Statement) which complements the operations of the Association, Co-Operative, Organization, etc. and meets all regulatory requirements within their jurisdiction.
The customization of the governance documents allows for the development of a turnkey solution to offer as a benefit for the Member Companies and assist in the retirement planning for Plan Members.
Member Company of a MEPP
PMI works closely with each Member Company to establish a customized Deed of Adherence and Employee Handbooks which allows for the selection of specific aspects, such as contribution rate, coverage terms, and vesting schedule. The aim is to ensure that the Plan complements each Member Company’s operational efficiencies.
Ongoing Management and Administration
PMI provides ongoing management and administration services for Pension Plans, including supervising all aspects of the Plan and ensuring the execution and compliance of day-to-day activities with the Plan and Member Companies’ governance documents.
On a quarterly basis, or as requested, the Trustees and each Member Company’s Key Contact will receive reports, reconciling the Plan’s activities over the specified periods or real time updates.
Each Member is provided with online access to view their account information and access quarterly statements.
PMI firmly believes that continuous, clear, and concise communication is critical.