A Multiple Employer Trust (MET)is a type of employee benefit plan that allows multiple employers to participate in a single trust. The trust then provides benefits to employees of the participating employers. METs are usually established by industry groups or trade associations to provide a benefit plan to their members who are typically small employers that would not be able to establish their own benefit plan due to cost or administrative complexity.
Here are some key features ofMultiple Employer Trust (MET):
- Participation: METs require the participation of multiple employers who are members of a particular industry or trade association.
- Plan Design: The plan design of a MET is usually predetermined by the industry group or trade association, and the participating employers have little or no say in how the plan is structured.
- Cost Savings: By pooling resources, participating employers can benefit from economies of scale, which can lead to lower administrative costs and better rates for insurance coverage.
- Fiduciary Responsibility: The trustee of a MET has fiduciary responsibility to all participating must act in the best interest of all plan participants.
- Compliance: Like any other employee benefit plan, METs are subject to compliance requirements under federal law, such as the Employee Retirement Income Security Act (ERISA).
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