Retail401k
In an effort to assist Illinois small to mid-sized business owners and their employees with access to a robust and cost-effective retirement savings vehicle, Illinois Retail Merchants Association, and affiliated entities offer a Multiple Employer 401k Retirement Plan (MEP) – the Retail401k for its members through the Alliance of State Retail Associations (ASRA).
The Alliance of State Retail Associations 401k Plan & Trust (ASRA) is a Multiple Employer 401k Plan designed to create economies of scale by grouping together many unrelated businesses to achieve maximum cost savings. In addition, this aggregation provides full fiduciary and administrative outsourcing, removing many of the stresses associated with offering an employer sponsored retirement plan.
Whether you already have a 401k or are looking to establish one for your business, the Retail401k has the flexibility to meet all your needs. As a closed MEP, our plan is afforded single plan status by the IRS and DOL, eliminating our employers need to file their own form 5500, annual ERISA audit, purchase fiduciary liability insurance, ERISA Bond, and provides professional plan governance through a team of fiduciaries covering investment oversight and handing of all administrative tasks on your behalf.