Operations

New Benefit Helps Bus Operators Set Up Big-Time 401(k)s

Posted on December 2, 2009 by LCT Staff - Also by this author - About the author

WASHINGTON, D.C. — ABA has teamed with Transamerica to offer members a Multiple Employer Plan (MEP) 401(k).

With this new ABA Premium Partnership benefit, ABA member companies can custom-fit retirement plans to meet their needs, potentially reduce costs to levels on par with larger companies, and can have their administrative duties handled by the professionals at Transamerica Retirement Services.

For ABA members who thought offering a 401(k) benefit plan was too costly because of their smaller size, this benefit brings exceptionally affordable pricing. For members already offering a 401(k) plan, the ABA MEP 401(k) benefit may save thousands of dollars in costs every year, and eliminates the mandatory annual audits for companies with 100+ employees. Regardless of their size, all participants in the ABA MEP 401(k) enjoy the highest level of service, employee education and support available from Transamerica, one of the top five retirement plan providers in the country.

“With the stock market recovering, the economy slowly gaining momentum, and quality employee retention always an issue for any company, ABA is pleased to offer this new benefit to members,” said ABA President & CEO Peter Pantuso. “With employee retention — whether bus drivers or group sales managers — so critical to customer service in a hospitality-driven industry such as ours, this is one of the most important benefits small businesses can offer to help retain top-notch staff.”

And Craig Johnson, Financial Advisor for the ABA MEP 401(k), has good reason to understand the needs and demands of the hospitality industry: “For over 20 years, my wife, Ginny, worked as a receptive tour operator on Cape Cod. Much of that time, I wore two hats – one as a financial advisor, the other as her do-whatever assistant, and then as her business partner. My head is in finance, and my heart is in hospitality. It’s my honor to bring this fantastic benefit to an industry and an association that have meant so much to me for so many years.”

To learn more about this benefit, call Craig S. Johnson toll-free at (877) MEP-401k (637-4015), email him at [email protected], or visit www.mep401k.org.

Source: American Bus Association

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