CBAI 401(k) Multiple Employer Plan (MEP) - a CBSC Marketing Partner Since 2013!
CBAI has partnered with Midwestern Securities Trading Company and Pentegra to provide a multiple employer 401(k) plan or, MEP. Merging individual bank 401(k) plans into the CBAI MEP enables participating banks to more effectively outsource its 401(k) plan fiduciary responsibilities and liabilities while providing potential cost savings. Most importantly, the MEP is controlled by an oversight committee comprised of banks participating in the MEP. The participating banks have direct input into plan structure, funds selection, etc.
About Community BancService Corporation, Inc.
A subsidiary of Community Bankers Association of Illinois (CBAI), CBSC aggregates the “clout” of CBAI member banks to negotiate lower costs and provide improved access to essential bank products and services. CBSC recommends products and services that assist banks with income-production, expense reduction, consulting, marketing, compliance, equipment, insurance, lending, A/L management and payments. Before the CBSC board of directors awards any program an exclusive partnership, it is subjected to a rigorous due diligence review that includes extensive testing by members, occasionally by independent experts, and negotiation of special member-only benefits. This process typically takes up to six months.
Today, CBAI members use an average of more than five CBSC preferred providers. Last year, members collectively saved nearly $ 1.5 million in purchasing discounts from CBSC-recommended firms. Contact CBSC today and share in the savings.