Morgantown Area Partnership Offers Members Only 401(k) Program

MORGANTOWN, W.V.a. — The Morgantown Area Partnership has launched a Multiple Employer Aggregation Program, or Member’s Only 401(k) program, giving Partnership member businesses access to a professionally supported retirement plan offered with valued Partnership member Merrill Lynch and Lincoln Financial.

The new member benefit is designed to provide a lower-cost retirement plan option with less administrative work required from participating businesses. According to program estimates, businesses may save approximately 30% to 50% in retirement plan costs while gaining professional administrative, recordkeeping and fiduciary support.

The program can help businesses offer a competitive retirement benefit without taking on many of the costs, responsibilities and regulatory complexities associated with managing a standalone plan.

“We are proud to work with the Morgantown Area Partnership to make a high-quality retirement plan more accessible to its members,” said Robert Koerber, CPFA Senior Financial Advisor with Merrill Lynch. “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.”

The program is available exclusively to Morgantown Area Partnership members, including businesses that already offer a retirement plan and those exploring one for the first time. Participating employers can select plan design options that meet their individual business and workforce needs.

A Multiple Employer Aggregation Program is a qualified retirement plan adopted by multiple employers through an association with a sponsoring organization. The structure allows important administrative, recordkeeping and certain fiduciary services to be overseen by third-party professionals. Participating employers continue to make key plan choices, submit payroll information and contributions on time and monitor the program and its service providers.

Program features include:

• Centralized plan administration, compliance testing, reporting and recordkeeping support
• Professional fiduciary support that can help employers manage plan responsibilities and regulatory complexity
• Flexible plan design options based on each participating employer’s needs
• A personalized online plan experience with account details and reporting available around the clock
• Employee education, financial wellness resources and one-on-one support
• Participant customer service by phone from 8 a.m. to 8 p.m. Eastern, Monday through Friday, plus 24/7 access through an automated voice response system
• Regular plan reviews that provide information on participation, balances, asset allocation, fund performance and service use

For employees, the program offers access to retirement savings tools, educational resources and support from enrollment through retirement. Lincoln WellnessPATH provides articles, videos, calculators, worksheets, checklists and interactive tools that can help employees understand their financial picture and work toward short- and long-term savings goals.

Partnership members interested in learning more may contact Robert Koerber, CPFA Senior Financial Advisor with Merrill Lynch at robert.koerber@ml.com or 304.848.1003.

About the Morgantown Area Partnership (www.morgantownpartnership.com):  

The Morgantown Area Partnership (the Partnership) is a business organization that is focused on economic growth for all entities in Monongalia County, WV. It is a public/private alliance for the betterment of economic, business and community development in the area.

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