SPRINGFIELD, Ill. — The Automotive Parts and Service Association (APSA) of Illinois has announced a new program to help make it easier for Illinois aftermarket organizations to offer a retirement plan to employees.
Working with Transamerica Retirement Services and Merrill Lynch, APSA has developed the APSA of Illinois 401(k) Solutions Plan, which will enable small and large businesses alike an opportunity to provide quality retirement benefits with minimal cost to the company.
“Employees today expect to receive some form of retirement benefits from their employer, and this is a great solution for our industry,” said Executive Vice President Matt Wells. “This plan allows members of APSA of Illinois to customize their own 401(k) plan, while passing along the administration and fiduciary responsibilities to APSA of IL.”
By utilizing a MEP (multiple employer plan), members who sign-up for a 401(k) program will not have TPA (third party administrator) fees and will not be required to have a fiduciary bond or bear the burden of filing a Form 5500. There will be a $25 per participant annual fee (minimum $250) and the initial plan document fee is only $100. Investment advice will be free from Merrill Lynch advisers based in Bloomington, Ill.
There are more than 48 fund choices available, along with Vanguard lifestyle funds, giving employees solid investment choices. For the employer, the flexibility to set up a 401(k) to best fit their company’s needs is crucial in today’s economic environment. Companies will be able to have the 401(k) that works best for their company and employees.
“Choice within the plan, but also the choice of how that plan is created is what makes this solution great not only for the employee, but also the employer,” said Wells.” Our focus with this program is to help companies provide quality benefits without bankrupting them in the process.”
To see if this solution will work for your company, click here. Complete the non-obligatory survey form to start the process today. Additional details on the program are available at 1-800-369-2964.
