Tag: multiple employer plans (MEPs)

The newly created multiple employer plan (MEP) will help plan sponsors reduce their administrative burdens.

The Pension Benefit Guaranty Corporation (PBGC) is issuing guidance to assist multiemployer pension plans that request PBGC review of alternative plan rules for satisfying employer withdrawal liability.

The detailed report is aimed at expanding opportunities to save and increasing access to lifetime income products, among other efforts.

In addition to expanding access to MEPs, the bill would facilitate lifetime income disclosure and clarify the current annuity selection safe harbor.

All employees would have 6% of their income contributed to a workplace retirement plan and have these contributions automatically escalated each year.

The legislation would take steps to provide additional anti-cutback protections for Teamsters, miners, and other unionized American workers who have paid significant sums into multiemployer pension funds.

In a policy paper, Morningstar says state-run plans and multiple employer plans in their current form would create a more fragmented U.S. retirement system for employees.