AutoMEP is available to any size employer.  Employers who wish to outsource their fiduciary liability would benefit the most from adopting the AutoMEP.  New or growing companies who wish to offer a competitive retirement plan would also benefit from AutoMEP. Employers who are required to have an annual audit now could enjoy a unique benefit of not having to pay for that audit and deal with the hassle that goes with preparing for it by being part of AutoMEP.

Most plan design options are decided by each adopting employer.  AutoMEP allows adopting employers to maintain flexibility by determining company contributions, vesting schedules, plan eligibility requirements, and other key plan features. The AutoMEP can integrate with other employer sponsored qualified retirement plans.

Under ERISA, retirement plan fiduciaries may be held personally liable for a breach of their responsibilities in the administration or handling of employee benefit plans.  Fiduciary Liability Insurance will cover claims arising out of errors or omissions in the administration and fiduciary oversight of the plan.  The protection offered through Fiduciary Liability Insurance can cover financial and legal expenses resulting from claims and the protection of personal and professional assets should a claim be successful and result in damages.

AutoMEP reduces most of the employer fiduciary liabilities by transferring those liabilities to a professional Plan Administrator and other independent fiduciaries.

• AMI Benefit Plan Administrators, Inc. serves as the Plan Sponsor, the Plan Administrator and ERISA 3(16) Fiduciary Recordkeeper.
• Rehmann Financial serves as the Third Party Administrator ("TPA") providing ERISA 3(16) Fiduciary compliance services.
• Rehmann Capital Advisory Group serves as the ERISA 3(38) Investment Manager.
• Alta Trust serves as the Directed Trustee.

AutoMEP also reduces the employer’s liability for monitoring the plan costs.  This is performed by AMI Benefit Plan Administrators, Inc.  Except for their own costs, AMI Benefit Plan Administrators, Inc. manages and approves the expenses of the plan.

An ERISA Section 3(16) Fiduciary acts as THE Plan Administrator.  The 3(16) Plan Administrator is responsible for managing the day to day operation of the plan. By engaging a 3(16) Plan Administrator, the plan sponsor shifts fiduciary responsibility for the services contracted (e.g., plan reporting, participant disclosures, distribution authorization, plan testing, etc.).  Rehmann is providing certain 3(16) plan administration services to AutoMEP.

A 3(38) Investment Manager is a codified investment fiduciary on a retirement plan as defined by ERISA section 3(38).  The duties of a 3(38) are set by ERISA and further enhanced by precedent from the Department of Labor.  The 3(38) is responsible for selecting, managing, monitoring, and benchmarking the investment offerings of the plan.  Rehmann Capital Advisory Group is functioning as the 3(38) Investment Manager.

The 3(38) Fiduciary has a regular process for reviewing funds.  Reports are created that provide results of these reviews and recommendations.  These reports can be found in the secure section of the website.

ERISA Section 408(b)(2) requires a “covered service provider” to provide the plan fiduciary with certain disclosures concerning fees and services.  AMI Benefit Plan Administrators, Inc. provides this disclosure for AutoMEP.  The plan advisor is considered a “covered service provider”, and, therefore, must provide to its clients a statement that discloses compensation payments and services rendered.

Yes, see the iJoin tab for more information. The iJoin tool for participants is included in the AutoMEP pricing. iJoin also has a service available for financial advisors that will allow them to see plan metrics, launch email campaigns and provide additional tools to engage participants. Contact AMI for a quote.