MMI-ES is a global and established leader in the design, engineering and development of advanced composite solutions for the automotive, heavy truck and agricultural industries. They have a workforce of more than 250, mostly-full-time employees working out of their Saline, Michigan-based corporate headquarters and facilities in Warren, Michigan and Monterrey, Mexico. MMI-ES has been working with isolved since 2019 to help elevate their processes from manual and transactional to automated and strategic to accommodate rapid growth. They were featured in a previous case study where Chappel went into detail about the results they experienced.
Reduced Compliance Burden, Increased Plan Options
Easing compliance concerns for Chappel’s limited HR team was just one of the reasons they chose to move to the isolved PEP. Switching over to the pooled employer plan helped to improve the overall 401(k) offerings to their employees, which was equally important to them. With isolved, they ended up saving money too, beyond the costs associated with preparing for annual 401(k) audits.
According to Chappel, “We save approximately $13,000 to $20,000 in auditing and 5500 filing fees, not to mention the cost savings from no longer having to administer the 401(k) plan.”
When asked if he would recommend isolved 401(k) administration services to other companies, Chappel agrees and echoes these three reasons:
- Virtual elimination of compliance burden
- Complete elimination of auditing and filling
- Better plan options for our employees
In addition to 401(k) administration, MMI-ES leverages the following isolved solutions: HR & Payroll, Benefits Enrollment & Administration, direct to carrier feeds, I-9 processing, Work Opportunity Tax Credit administration and according to Chappel, will soon be adding Time & Labor Management.