Member Benefit: IMA’s 401K Association Retirement Plan (ARP)

IMA’s 401k Association Retirement Plan (ARP)

IMA’s goal is to bring forward member benefit programs to offer relief to manufacturers’ pain points. A perfect example is our 401k Association Retirement Plan offered by Pensionmark.

There are real barriers to offering 401k plans to employees, especially for small to medium-sized employers. Cost, time to administer and general fear of the time and headache that owners and managers might be shouldered with.

Thanks to the custom program architected specifically for IMA members by Pensionmark, much of that burden is removed.

Benefits Of the IMA 401k ARP

A recruiting edge — in today’s tight labor market, offering a 401(K) plan may make employers more attractive to potential employees.

Lower potential costs — both employees and employers may realize savings due to being able to access the necessary scale to bring down the administrative costs of the plan.

Access to stronger plans — a larger pool provides access to low-cost institutional level investment options that may not be available in single plans for small and mid-size employers.

Similar benefits to the ‘big guys’ — Employers will now have access to the same technology and fiduciary oversite that was typically only offered to larger employer plans.

But don’t take it from us, read what REAL members had to say!

We recently asked a few members about their experiences utilizing the IMA 401k ARP. We expected the news to be positive based on conversations, but the numbers were more compelling than we previously thought. When asked how likely they would be to recommend IMA’s 401k ARP on a scale of 1 to 10, all chose a 9 or 10!

Here’s what we learned from members using the plan:

  • 2/3 have had the plan for more than one year and had a plan in place PRIOR to IMA’s plan
  • The leading reason members switched from their prior plan to IMA’s was the reduced administration by going to the group plan. Other factors included more competitive pricing, level of overall plan service and IMA’s reputation for quality offerings.
  • Of the employees eligible to participate, 2/3 estimated over 50% utilization in the program.
  • 100% of respondents were happy with the plan.

Valerie Wood from Aviation Specialties Unlimited particularly likes the fact that there are financial advisors available to help employees when they have questions. ASU has utilized the plan for less than a year, but Valerie estimates that they have 75%+ utilization of the plan by eligible employees!

Dwayne Dayley with Sapphire Metal Finishing loves the ease of managing and how cost effective it is. Sapphire didn’t have a plan in place prior to the IMA offering. From previous experience, Dwayne knew a traditional plan would be cost-prohibitive and require too much of his time as the business owner. Now he can offer a plan to stay competitive in the tight labor market.

And Andy Oyervides with Teton Machine Company had a 401k plan in place prior to utilizing IMA’s 401k ARP. Compared to their previous plan, Andy likes the ease of setting up new participants, the lower overall cost, and the better plan support.

Plan Highlights for Employers

  • Low all-inclusive per participant fee for recordkeeping and administration services
  • Flexible plan design
  • Profit Sharing / Cash Balance allocation options
  • No audit requirement, or annual 5500 filing for individual plans
  • 3(16) plan Administration Fiduciary Services
  • Pensionmark 3(38) Investment Fiduciary Services
  • SMARTMap Foundational Planning for employees
  • iJoin ENROLL enrollment experience
  • Statements and Notices included
  • Online loans and distributions
  • Payroll Integration with top payroll vendors

Take the next step in taking the headache out of offering your employees a 401k. Reach out to Sean O’Flaherty to learn more or to get a no-obligation quote!

Sean O’Flaherty, NQPA Managing Director


Direct: (208) 939-0233 Ext. 101 or Cell: (208) 949-1294