What is a MEAP?
A Multiple Employer Aggregation Program (MEAP) is a group retirement program that multiple unrelated employers can join through their association with an offering organization (i.e. Siesta Key Chamber of Commerce). The offering organization acts in an endorser capacity for the MEAP.
Joining employers maintain their own single plan and are not grouped into one large plan with other participating employers. The program aggregates many of the services to create efficiencies and typically includes administrative and investment fiduciaries to oversee many operational and fiduciary tasks for the program and its adopting plans. The MEAP is excellent for employers who want to take advantage of collective purchasing power, a reduction in administration time and less fiduciary responsibility and risk, while avoiding many of the administrative and plan design complexities associated with joining a single plan with several other employers.
In 2021 the Siesta Key Chamber launched a group 401(k) program as a benefit of membership.