An MEP 401(k) is different than a traditional 401(k) plan. MEP stands for multiple employer plan, and it shifts fiduciary responsibility from you to GMS. There are many other benefits of an MEP 401(k), including:
Annual and mid-year nondiscrimination testing
Employee eligibility tracking
Distributing processing
Form 5500 filing
Contribution limit tracking
Participant statements
Compliance and legislative supervision
Loan Processing
Audit costs