The American Bus Association (ABA) teamed with Transamerica to offer members a Multiple Employer Plan (MEP) 401(k).
With this new ABA Premium Partnership benefit, ABA member companies can custom-fit retirement plans to meet their needs, potentially reduce costs to levels on par with larger companies and can have their administrative duties handled by the professionals at Transamerica Retirement Services.
For ABA members who thought offering a 401(k) benefit plan was too costly because of their smaller size, this benefit brings affordable pricing, while members already offering a 401(k) plan, the new benefit may save thousands of dollars in costs every year, and eliminates the mandatory annual audits for companies with 100+ employees, according to the ABA.
"With the stock market recovering, the economy slowly gaining momentum, and quality employee retention always an issue for any company, ABA is pleased to offer this new benefit to members," said ABA President/CEO Peter Pantuso. "With employee retention - whether bus drivers or group sales managers - so critical to customer service in a hospitality-driven industry such as ours, this is one of the most important benefits small businesses can offer to help retain top-notch staff."
To learn more about this benefit, call Craig S. Johnson toll-free at (877) MEP-401k (637-4015), email him at [email protected], or visit www.mep401k.org.