| The governing board that oversees the Big "I" MEP 401(k) Plan ("MEP") has expanded eligibility to include associate members of the Big "I" states. This would include any entities that are engaged in or directly related to the business of insurance, including the distribution of an insurance policy, notably local general agents but also TPAs and small insurers.
The MEP was created to give members access to "best of breed" providers such as Mesirow Financial, the ERISA 3 (38) Advisor; Charles Schwab Bank, the custodian; MVP Administrators; SmartPlan by VWise and funds through TIAA Cref , Vanguard and Prudential. The MEP platforms deliver efficiency and lower costs while allowing sponsors to retain unique plan provisions while eliminating the need to individually complete the Form 5500, maintain an ERISA bond and eliminates the time and expense of an individual annual audit. The investment approach focuses on educating plan participants on asset allocation and utilizes "indexed" investment options. The trend toward "passive" versus "active" investment managers continues with the most recent example being the Illinois State Board of Investment who jettisoned (on September 15, 2016) their active managers including T. Rowe Price, Fidelity and Invesco and moved their $2.8 billion state-employee retirement plan assets to passive investment managers Vanguard and Northern Trust. To learn more about placing retirement assets with Big "I" Retirement Services, contact Christine Munoz. |
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