While falling short of the open multiple employer plan expansion industry advocates are calling for, the DOL’s expansion of “association retirement plans” could be a significant step toward improving retirement readiness in the U.S. work force.
Tag: Association Retirement Plans
While there is some disappointment that it did not include a provision for open MEPs, any option that could appeal to small businesses to offer a retirement plan is seen as a positive.
In addition to the final ruling, the department has also released a 16-page request for information (RFI) on open MEPs.
These plans allow small businesses to join together to offer defined contribution retirement savings benefits.