SPMI significantly reduces the burden of administration and expense of providing a retirement benefit to your employees. SPMI sponsors a Multiple Employer 401(k) Plan which is fully administered by SPMI. The MEP 401 (k) plan model allows clients to set eligibility and have the options of an Employer Match, Traditional or Enhanced Safe Harbor Match or No Match plan. SPMI does the rest including Mid-Year & Annual Non-Discrimination Testing, weekly transmittals, loan/distribution administration, and filing form 5500. The SPMI MEP 401 (k) Plan is subjected to an independent audit on an annual basis.
SPMI has partnered with Transamerica Retirement Services, a top-five provider of retirement plans with more than 70 years of experience in the pension business, to provide investment options to enhance your employee benefits package with a retirement plan designed to help you attract and retain quality employees.
As the top provider of retirement plans, Transamerica has more than 70 years of experience in the retirement services business. More than 14,500 plans have more than $16.5 billion in assets under management with Transamerica. And industry research leaders Boston Research Group and Chatham Partners have rated Transamerica as among the best retirement plan service providers, making it no surprise that Transamerica enjoys an annual Multiple Employer Plan retention rate of 98%.
Transamerica is committed to proving that retirement plan providers can make a difference in how well Americans, and the organizations they work for, master their financial future. We consider it an honor that your Multiple Employer Plan Sponsor has turned to Transamerica for a retirement plan benefit designed to help you both attract and retain the quality employees that the success of your business demands.
Other Retirement Plan Services
If you currently have a retirement plan in place, My HR Professionals can setup withholding criteria that matches your plan. We also provide the data necessarily to perform your transmittal and census reporting needs.