CAGC MEP 401(k) Plan Seeks Investment Consultant and Third-Party Admin

July 11, 2018

CAGC MEP 401(k) Plan Seeks Investment Consultant and Third-Party Admin

For over a year and a half, CAGC has been exploring the possibility of offering an association-wide Multiple Employer Plan (MEP) 401(k) that would be managed out of our Charlotte office. This plan will be open to any members wanting to move their current 401(k) plan, or that want to start a 401(k) plan. We are pleased to announce that your CAGC Board of Directors and its Finance Committee have agreed to move forward with offering the plan in the next few months.

We have sent an RFP to CAGC members, as well as non-members, to choose an Investment Consultant. Our Board of Directors and its Finance Committee have mandated that we hire a 3(38) Investment Consultant to minimize fiduciary risk for the organization. If your organization meets the criteria and would like to participate in the Investment Consultant RFP, please let Cindy Phelps know by email (cphelps@carolinasagc.org) by July 18, 2018.

CAGC will also be looking for a Third-Party Administrator/Record Keeper to administer the plan. The Board of Directors and its Finance Committee have mandated using a combined TPA/Record Keeper that offers non-proprietary open architecture, experience working with MEP 401(k) Plans, and the ability to work with a 3(38) Investment Consultant. If your organization would like to participate and meets the criteria, please let Cindy Phelps know by email (cphelps@carolinasagc.org) by July 18, 2018.


Why should your firm consider participating in the upcoming CAGC MEP 401(k) Plan:

  1. Members would benefit from economies of scale from a large plan.
  2. Participation will reduce your staff commitment to running the plan.
  3. The MEP 401(k) Plan will be professionally managed by a 3(38) Investment Consultant. Using a 3(38) Investment Consultant will reduce the investment fiduciary risk to CAGC and its member participants.
  4. The plan will have a “World Class” Third Party (TPA) Administrator/Record Keeper that will offer open architecture and have experience working with MEP 401(k) Plans.
  5. The 3(38) Investment Consultant and TPA/Record Keeper will help in educating participants and growing participation.
  6. The Plan will accept rollovers from other plans, transfers of existing 401(k)’s, and start-ups from members without current plans.

If your firm is interested in serving as the Investment Consultant or Third-Party Administrator, please contact Cindy Phelps  by email (cphelps@carolinasagc.org) by July 18, 2018.

If your firm is interested in participating in the CAGC MEP 401(k) Plan, stay tuned for more details to come in the Weekly NewsBreak, via emails to members, and at www.cagc.org.