Make the Most of Multi-Employer 401k Plan

Try our newly launched, fully integrated cannabis business payroll & benefits administration.

What is a MEP 401k plan

32 states have proposed, 14 have passed legislation

Legislation Introduced:

  • Arizona
  • Arkansas
  • Delaware
  • Georgia
  • Hawaii
  • Idaho
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Michigan
  • Minnesota
  • Mississippi
  • Misouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • Tennessee
  • Texas
  • Utah
  • West Virginia
  • Visconsin
  • Wyoming

Legislation Passed:

  • Colorado
  • Connecticut
  • Minnesota
  • Maryland
  • New Jersey
  • New Mexico
  • New York
  • Vermont
  • Virginia

Legislation Active:

  • California
  • Illinois
  • Massachusetts
  • Oregon
  • Washington

All states with passed or active legislation MUST choose between the state offered plan or a private retirement solution.

Convenient comprehensive solutions

Our cannabis benefit administration brings you a practical MEP 401k upgrade

As a provider of premier cannabis industry business solutions and an official 401k plan sponsor, we have a responsibility to offer our clients a unique service that combines payroll with 401k weed business benefit administration. Greenleaf Business Solutions will handle plan implementation, overseeing, enrollment, as well as any related aspects.

Taking part in a multi-employer 401k plan allows your employees to save for retirement and access advantageous tax benefits. By adopting this plan, you’ll have reduced payroll tax and more streamlined business processes. Since the State of California requires cannabis operators to offer a dependable long-term retirement solution to their employees, we can help you meet that requirement effortlessly.

Simplify data collection

Collecting data necessary for compliance, including information on termination dates, salaries, and more.

Reduce workload

Minimized chances of errors and duplicate data thanks to our streamlined electronic data transfer.

Maintain compliance

Ensuring legal and fiduciary compliance, protection against liability, and minimum risk of error.

Discover full integration

Offering a fully integrated and seamless all-in-one solution, from the hiring process to retirement.

Improve efficiency

Make your business more efficient with our prompt service to save time and cut costs in the long term.

Build lasting professional relationships

Attract quality employees with our sleek marijuana benefit management

Building a steady stream of revenue requires you to build a strong team committed to growing your brand. It is only among quality hires that you can find qualified professionals who can live up to these expectations. And quality hires want quality benefits. Only forward-thinking businesses can attract and keep top talent.

At Green Leaf Business Solutions, we bring you the ability to offer prospective or current employees one of the most effective and coveted tax-advantaged retirement savings plans. With our marijuana employee benefit services, you can rely on proper and timely transmission of 401k contributions. This can help you stand out and attract quality talent and retain valuable employees all the way to retirement.

learn about 401k benefits and cannabis banking solutions

Can I have a 401k with multiple employers

Leverage valuable resources at your disposal

Reduce administrative burden & ensure compliance

Running a small business is a challenging endeavor, especially when you’re dealing with the requirements of the increasingly demanding cannabis industry. We can recommend the optimal MEP 401k plan for your business, enabling you and your employees to take advantage of its key features. It will relieve much of the burden and day-to-day hassle you face as a cannabis business owner.

Our seamless electronic data transfer system helps you meet compliance requirements and eliminates all the daunting, time-consuming tasks normally involved in the process. Our competitive marijuana employee benefit services ensure your adherence to the law and minimize the risks associated with running a cannabis business.

401k cannabis benefits & custom banking solutions

Detail-oriented design, smooth delivery

Tailored business benefit management for the cannabis industry

Our marijuana benefit administration can help you optimize your workflow by letting you choose between two equally advantageous 401k plans. Our turnkey MEP #1 plan has a set of trustworthy, fixed features while our MEP #2 plan allows for additional flexibility and customization.

Your plan will give you a stable long-term solution for employee retirement savings, as well as additional benefits such as increased employee enrollment, multiple options for profit-sharing contribution, and more. It brings your employees an employer-sponsored defined-contribution pension account, allowing pretax contributions to be made from employees’ ordinary wages and salary.

GET IN TOUCH  Choose your plan

What our MEP 401k service entails

Frequently Asked Questions

What is an MEP 401k plan?


An MEP 401k stands for a Multi-Employer Plan. This is a plan that is designed to encourage businesses to offer a retirement benefit without having to carry the burden of all the administrative tasks that come with offering a retirement benefit. This plan is the most common employer-sponsored defined contribution plan nationwide.

At Greenleaf Business Solutions, we offer 2 different options – the Closed and the Open plan. While the Closed Plan brings straightforward solutions, the Open Plan is flexible and fully customizable depending on your business needs and goals. We can perform an initial analysis and then offer the most appropriate solution for your business.

Can an employer offer multiple 401k plans?


With our various MEP offerings, our clients can have the freedom to create a custom structure for their retirement. They can also choose to offer our Closed MEP which allows companies to not be overwhelmed with customizing their retirement plan. We have already gone through that for them, having vetted some of the best funds for their employees’ various retirement goals.

What are the advantages of participating in an MEP?


Taking part in an MEP has numerous advantages for all parties involved. From the employers’ perspective, the number one perk may be that it takes the administrative and compliance burden that a company would have to handle so that a retirement benefit can be offered. Since Greenleaf is the plan sponsor, we handle all of the compliance, auditing, filing, and 5500 forms for our participating clients.

What is the requirement to establish a Multiple Employer Plan?


There is no requirement. If you have just one employee interested in a retirement benefit, you as the employer are eligible to offer this to them. We can walk you through the process to help you understand why our MEP 401k service can benefit not only your employees but also your business in the long run.

What is the difference between an MEP and a PEP?


A MEP is a Multi-Employer Plan while a PEP is a Pooled Employer Plan. A multiple employer plan allows each company to be separate whereas a PEP forces each participating company into one. MEP also allows a collection of individual companies to have the freedom of choosing various fund lineups. A PEP is a single plan for all companies so flexibility in offerings can be limited.

Who can sponsor a multiple employer plan?


Greenleaf Business Solutions is the sponsor to these various MEP 401k offerings. This is the most attractive feature of this integrated solution: we do not have our clients take on administrative burdens. Instead, we organize and run each MAP on their behalf, safeguarding them against any potential issues and eventualities that may arise.

How does the CalSavers program work?


CalSavers Retirements Savings Program, also known as CalSavers, allows eligible employees to make automated contributions to a Roth IRA from each paycheck. This way, they can save as much as $6,000 per year if they’re under 50 and $7,000 per year if they’re over the age of 50. With reliable cannabis business benefits administration, employers can meet their state’s requirements and offer their staff attractive benefits.

Is CalSavers mandatory for employees?


All employers in California that have 5 or more employees need to offer their team access to a retirement plan. It can be either CalSavers or a different, company-sponsored plan. To provide their employees with streamlined retirement savings plans on favorable conditions, marijuana businesses can adopt one managed by a benefit administration company.

Do employers have to pay for CalSavers?


Employers aren’t required to pay to enroll in CalSavers and this plan doesn’t enable employer contributions. Employees do have to pay an annual fee that ranges from 0.825 and 0.95 percent. Another alternative is the 401k plan, which allows employers to match their employees’ contributions, offers higher contribution limits, and provides both the Traditional and the Roth option. 

You can rely on Green Leaf Business Solutions for versatile cannabis benefit administration services that will protect your employees and facilitate the growth of your company.

How can I find out more about MEP 401k plans?


Do not hesitate to reach out to us so you can learn more about our offer and make the most of this unique opportunity. 

We have developed cost-effective 401k plans with 3(16), 3(21) and 3(38) protections which enable employees to make contribution changes that feed directly into their payroll. Whether you opt for the Closed (Fixed) or the more flexible Open (Optional) plan which allows full customization, our service is dependable, consistent, and delivered on time.

Let us help you relieve your administrative burden and streamline your process so you can focus on your essential business functions. Our team has a strong track record in handling payroll for cannabis businesses,  as well as delivering efficient cannabis industry banking and providing integrated cannabis HR consulting services

Contact us now to find out more compelling reasons to take advantage of our experience in the financial industry and take part in an MEP 401k plan!

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