Nashua Chamber launches group 401(k) plan

Aug. 29--NASHUA -- The Greater Nashua Chamber of Commerce is now able to offer its Chamber members access to a group-priced 401(k) plan. This is for new and existing 401(k) plans and can be customized to fit a company's needs. The Chamber will not control or have access to company or employee information, but simply acts as an endorser for the plan.

The Chamber, recognizing the challenges organizations face when it comes to finding logistically and financially manageable benefit options for their staff, recently created this opportunity for its members. The program, called a 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, acting as the lead sponsor.

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, however, much of the compliance concerns associated with offering a plan are diminished, as many specific tasks transition to the MEAP.

"We understand that our members want to be able to offer the very best in benefits to their employees. Having a 401(k) benefit helps to promote employee financial health and demonstrates the employer's commitment to its employees' overall well-being," said Kate Luczko, President and CEO of the Chamber. "For some companies and organizations, there are barriers preventing them from accessing benefits like a 401(k) plan. 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 help our member institutions, but also to hopefully increase the amount of retirement opportunities offered to Greater Nashua workers."

The MEAP is designed to gather the plan's important administrative, recordkeeping, and fiduciary services to be overseen by third parties. Additionally, among other benefits, this group 401(k) solution organization offers plans to members at a group rate which can potentially be a lower price than an individual rate.

For more information or to explore Greater Nashua Chamber membership, please reach out to Chamber President & CEO, Kate Luczko at [email protected] or 603-860-6938.

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