Nashua chamber launches 401(k) plan for members

Aug. 26--The Greater Nashua Chamber of Commerce is offering its members access to a group-priced 401(k) plan.

The program is for new and existing 401(k) plans and can be customized, said the chamber, which will act as an endorser of the plan but will not control or have access to company or employee information.

The Multiple Employer Aggregation Program (MEAP) is a qualified retirement plan and is adopted by multiple employers through their association with the sponsoring organization, in this case, the chamber.

Joining a MEAP allows employers to have a benefit plan without having to manage the administrative tasks associated with a 401(k). For employers that are part of a MEAP, their role as plan fiduciary remains, but the MEAP oversees compliance.

"For some companies and organizations, there are barriers preventing them from accessing benefits like a 401(k) plan," said Kate Luczko, president and CEO of the chamber, in a statement. "Management of the plan can be an administrative hassle, and the legal and fiduciary responsibilities can be daunting.

"The MEAP offers group pricing for more services than a traditional 401(k). We are thrilled to be able to offer this new member benefit to both help our member institutions, but also to hopefully increase the amount of retirement opportunities offered to Greater Nashua workers," she said.

For more information, contact Luczko at [email protected] or 860-6938.

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