Advantages of Belonging to a MEPP
Most pension plans are set up by one employer to cover its employees. A Multi-Employer Pension Plan (MEPP) is a type of Defined Benefit Plan that covers several employers and employees within the same industry. Within a MEPP, there can be many individual employers and thousands of pension plan employees. (You are referred to as a Participant only after certain criteria are met)
MEPPs are ideal for people who change jobs frequently. If you did not belong to a MEPP you might lose your pension service when you begin a new job, depending on how long you were with your previous employer. You might also have to go through a waiting period before you can join your new employer's plan, which could mean months or even years and you are not earning any pension service at all.
When you belong to a MEPP you don't have to worry about these problems as long as your employer is covered by the same MEPP. Your service continues to grow in the plan throughout your participation, even though you may change jobs frequently. Every day that you work counts toward your eligibility for pension benefits, provided you meet the Participation requirements.