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401(k), 403(b), and Other Qualified Retirement Plans

In today’s competitive marketplace, business owners and employers need to attract and retain talented employees. How do you accomplish that? By implementing a strong employee benefit plan with the help of our Trust Department. We can help your business with the right retirement plan solutions including 401(k), 403(b), Profit Sharing and Employee Stock Ownership Plan (ESOP).

Why Choose Merchants Bank

1. Simplified Administration

  • There are a number of roles to play in the proper administration of a retirement plan including Plan Administrator, Trustee, Recordkeeper, Custodian, Paying Agent, Third-Party Administrator, and Investment Advisor. Many plan sponsors engage with several different providers in order to administer their plans, which can both complicate the day-to-day administration and increase costs. Merchants Bank makes it easy! Our platform offers our client sponsors a single provider, single invoice solution to simplify your plan’s administration.

2. Reduced Plan Sponsor Liability

  • Our plan sponsors reduce their fiduciary liability by partnering with Merchants Bank. We can assume the role of named trustee to the plan and engage most plans as a 3(38) Investment Manager, effectively assuming all liability for the selection and monitoring of the investment options offered to plan participants.

3. Top of Class Investment Options

  • Our sophisticated investment selection and monitoring process provides our managed plans with top of class options in each desired asset class. Our multi-factor scoring system reviews not only expenses and returns, but risk factors, manager tenure, style, and composition. Options are reviewed every 90 days for consistency and continued performance. We keep our options simple…no proprietary funds, no revenue sharing, no sub-agent transfer fees, no sales or redemption charges, no 12(b)(1) fees - only the lowest cost share classes available for each fund.

4. Low Administration Fees

  • Merchants Bank is proud to be one of the lowest cost providers in the marketplace. But lower cost does not mean less service. In fact, just the opposite. By engaging with our team you get both the red-carpet service our Bank is built on and the lower overhead associated with a community-based organization.

How We Serve You

Our services are two-fold. First, we provide guidance and resources to help employees maximize their retirement savings. Second, we provide guidance and resources to help your business thrive by offering great retirement benefits that attract and retain employees.

In addition to the personalized service you can expect from Merchants Bank, additional hallmarks of our administrative services provided to retirement plans include: 

Guidance and Resources for Employees – Helping Employees Maximize Retirement Savings

  • Guidance “to and through” retirement including one-on-one meetings with our Trust Team to build and manage savings 
  • Broad-based employee education with a focus on retirement readiness and financial wellness 
  • Clear and easy to understand investment options 
  • Tools to guide employees through enrollment, investment elections, and retirement planning 
  • Website access for account information, statements, and video education 
  • Mobile device application for convenient access 

Guidance and Resources for Employers – Helping Employers Offer Great Retirement Benefits 

  • Individualized meetings with management and our Trust team 
  • Promotion and management of your retirement plan 
  • Exclusive website for employers and plan sponsors to submit files and access reports, forms, and participant data 
  • Plan benchmarking and best practices consultation 
  • Eligibility tracking and reporting service 
  • Fiduciary support to ensure your plan is compliant with laws and regulatory standards 
  • Management of all other qualified and non-qualified plans such as 403(b), ESOP, and plans for small businesses 
  • Fully transparent fee structure

Employee Stock Ownership Plan (ESOP)

We also have the capability to serve as your ESOP trustee and service provider. As a part of our plan offering, we provide the following:

  • Trustee services 
  • Plan design consultation 
  • Employee engagement and education
  • Comprehensive administrative services, to include allocation, record keeping, cashiering, and custody  

 

Ready to get started?

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