A 401K plan that is adopted by two or more employers.
Synergy occurs when multiple employers adopt the same plan (platform), thus creating administrative efficiency, collective purchasing power, and lower cost.
Individual employers are able adopt the same plan in order to capture the benefits; however, their plans are specifically tailored for their own needs.
The aggregation of multiple plans under a master plan, allows the participating plans to receive Institutional pricing and Invest in lower cost institutional funds.
The IRS and Labor Department allows these type of plans to streamline their administrative processes and reporting thus substantially reducing overall cost.
What it is not:
This plan is not available for individual participation. You must be an employer in order to adopt the plan, only then are you and your employees are able to participate.
This plan is only available to IMANA members. At least one employee in the plan must be an IMANA member in order to participate.
Who can use it?
Any formal structure (C CORP, S CORP, LLC…etc.) including 1099’s, that has at least one IMANA member as an employee.
Benefits of the IMANA Multiemployerr 401 (k) Plan:
A host of Shariah Compliant Investments and strategies.
Substantial cost saving that can be as high as 70% when compared to traditional plans.
27 Individually Selected conventional Institutional No-Load Funds that are best in Class and are ranked the highest in their categories.
Enhanced Fiduciary Oversight that reduces overall exposure to members who are owners or act as a Trustee on their plan.
