Chamber Introduces New Group 401(k) Program

BIDDEFORD — The Biddeford & Saco Chamber of Commerce recently launched a new program that can help members access a group-priced 401(k) plan.

The Multiple Employer Aggregation Program (MEAP) allows employers to have a retirement benefit plan via their association with the sponsoring organization, the chamber. The MEAP 401(k) program gives employers a cost-effective retirement solution that removes the administrative challenges associated with managing a 401(k) program. For businesses that currently have a Simple IRA program, or are looking to reduce costs and complexity associated with their current 401(k) program, the Group MEAP plan is an effective solution. And for businesses that are interested in providing a retirement benefit for their company as a means of attracting and retaining employees, this 401(k) solution meets that need cost-effectively and simply.

"We are thrilled to offer this new benefit that will help our members and their employees build retirement savings," said Jim LaBelle, executive director of the chamber. "Planning and saving for retirement can be challenging, and this new program benefit can make it an accessible reality now for every business and organization in our region."

In developing this new member benefit, the Chamber has partnered with Biddeford financial expert Roland Gagne of Pension Professionals, who serves as the Advisory Service Provider for this MEAP 401(k) plan, along with the recordkeeper Lincoln Financial and the third-party administrator The Pension Service. "By leveraging the capabilities of these nationally recognized service providers on the back end of their retirement program, businesses can offer an affordable retirement benefit while not taking their valuable time away from running their company," said Gagne.

For more information, contact the chamber at 282-1567 or [email protected].