Lewis County Chamber Launches 401(k) Program for Member Businesses
New 401(k) Program Gives Lewis County Chamber Members More Purchasing Power
A new Chamber member benefit is making it easier for Lewis County businesses to explore competitive retirement plan options.
The Lewis County Chamber of Commerce has launched a new Multiple Employer Aggregation Program in partnership with Merrill Lynch and Lincoln Financial, giving Chamber member businesses access to an exclusive 401(k) option designed to help reduce costs and simplify plan administration.
For many small and mid-sized businesses, offering a 401(k) can be an important employee benefit—but managing a retirement plan can also come with significant costs, administrative responsibilities and compliance requirements.
This new program is designed to address some of those challenges by allowing participating employers to pool their purchasing power.
What does that mean for your business?
When multiple employers participate in the program, they can leverage their combined purchasing power rather than each business managing its retirement plan completely on its own.
The program aims to reduce retirement plan costs by an estimated 30% to 50%, while also reducing the administrative workload for participating employers.
Third-party providers handle key responsibilities such as:
Compliance
Recordkeeping
Professional fiduciary oversight
Participant support
That can give business owners and administrators more time to focus on running their businesses while still providing employees with access to a retirement savings benefit.
You Maintain Control of Your Plan
Participating in the program doesn't mean giving up control.
Businesses retain control over important elements of their retirement plan, including plan design and contribution management.
The program can be an option for businesses that are:
Considering establishing a new 401(k) plan
Already offering a 401(k) and interested in exploring other options
Looking for ways to potentially reduce plan costs
Interested in reducing the administrative burden associated with retirement plan management
Employees Get Additional Resources, Too
The program also provides resources designed to help employees better understand and manage their retirement savings.
Participating employees will have access to online account management, financial wellness resources through Lincoln WellnessPATH and ongoing participant support.
“By bringing employers together through this program, participating businesses can benefit from greater purchasing power, professional plan support and resources that are often more difficult for smaller employers to access on their own,” said Robert Koerber, senior financial adviser with Merrill Lynch.
Another Resource for Lewis County Businesses
Providing competitive employee benefits can be an important consideration for local businesses working to attract and retain employees. At the same time, we recognize that smaller employers may not have the purchasing power or internal resources available to larger companies.
That's one reason the Lewis County Chamber is excited to make this program available to our members.
Our goal is to connect local businesses with practical resources that can help them operate more effectively, support their employees and strengthen their businesses.
The new 401(k) program is one more way we're working to do that.
Ready to Explore Your Options?
If your business is considering a 401(k), already has a retirement plan, or simply wants to find out whether this program could be a fit, we encourage you to learn more.
Contact the Lewis County Chamber of Commerce to connect with representatives who can answer your questions and explain the program's options.
Program availability, costs, savings and plan features vary by employer and plan. The estimated 30%–50% cost reduction is not guaranteed and should be evaluated based on the specifics of each employer's existing or proposed plan.
