FAQs
Q: Do I need to offer a retirement plan for my employees?
Yes. Beyond the traditional benefits of a retirement plan for your employees (employee retention, financial comfort, tax savings), New York State has passed a law that will mandate all employers with more than 10 employees to either offer a plan or enroll their employees in a plan run by the state government. We believe the BIE of NYS Retirement Plan is much better suited for your employers and their employees.
Q: Who can participate in the plan?
Any member of a participating association can use this plan.
Q: What is a MEP?
A Multiple Employer Plan (MEP) is a retirement plan that allows multiple unrelated employers to enjoy the scale of a larger retirement plan. This benefit includes lower costs of service providers and access to optimal investment options, while not carrying the fiduciary risk for each employer that a traditional plan has.
Q: What are the Benefits of joining the BIE of NYS retirement plan?
- The bulk of fiduciary responsibility is assumed by the BIE of NYS and the appointed providers, reducing employer fiduciary liability
- Low-cost investment options
- Customized plan provisions for each employer, including matching structure, eligibility, vesting, etc.
- 1-on-1 investment guidance for participants
- No plan audit fee to the employer
- Negotiated group pricing
- No start-up fee to the employer
- No annual 5500 filing fee to the employer
- No required ERISA Bond
- Plan price comparison at no charge
- Generous “plan start-up” and auto-enrollment tax credits available for the first 3 years. See your tax professional.
Q: What if I already have a retirement plan?
If you already have a plan, but you would like to join the BIE of NYS retirement plan, we can assist in transitioning your current plan. We can also compare your current plan to this offering to help you make an informed decision.
Q: What are the investment options
The investment options are selected by Alesco Advisors and provide funds that are appropriate for all participants regardless of their investment experience. The plan offers Target Date Funds that manage portfolios based on a participant's age and proximity to retirement. Additionally, for participants who would like to choose investments that capture more specific segments of the markets, there are various asset class-based options where participants can create a customized mix.
Q: What is the timeline for an employer to join the plan?
If an employer does not currently offer a plan, it can be up and running in approximately 30 days from the time of commitment.
Employers currently offering plans that would like to transition to this offering will work with the service providers to map the plan over. This will require a short blackout period at the plan level, but it can be expected that employers could transition the plans in 60 days.
Q: What are my responsibilities as a sponsor under the BIE of NYS retirement plan?
The responsibilities of the employer in this plan are to provide accurate census and payroll data and remit deferrals in a timely manner.
Q: Can I customize plan provisions?
Yes! Plan provisions (vesting, eligibility, matching, etc.) can be customized to suit your needs. This plan will have the look and feel of an independent plan. Employers that already have a plan will work with our service providers to map their current provisions over to the new plan.
Q: How do I get started?
Use this link for information on how to get started and to get connected with our service providers. The process is simple: choose plan provisions, sign joinder agreement, and begin deferring contributions!