The employer claimed it had standing because the actions of ADP and others put it under threat of being sued over allegedly excessive fees and poor investments.
New regulations would apply to multiple employer plans that are either maintained by employers that have a ‘common interest’ or have a ‘pooled plan provider.’
Fiduciaries of the multiple employer plan of professional employer organization (PEO) Nextep, Inc. are being sued over excessive investment and recordkeeping fees.
With its PEP, the firm plans to simplify plan administration and reduce fiduciary risk to help more businesses offer a retirement plan.
Many say they think the pooled employer plans authorized under the SECURE Act will open more doors for small businesses.
Though they applaud the direction the Department of Labor is taking, expert ERISA attorneys say a new proposed rule does not sufficiently explain how pooled employer plans can be structured like existing multiple employer plans.
But 55% decided to take no action.
One measure is to encourage MEPs by eliminating the “nexus” requirement.
Eighty percent of American workers surveyed said they would like to hear congressional candidates discuss retirement security.
The detailed report is aimed at expanding opportunities to save and increasing access to lifetime income products, among other efforts.