DOL Seeks to Expand Access to MEPs and ‘Association Retirement Plans’
These plans allow small businesses to join together to offer defined contribution retirement savings benefits.
Tag: multiple employer plans
Tax Reform 2.0, RESA and Senator Hatch’s Retirement
Senator Orrin Hatch, an influential and outspoken Congressional voice on retirement policy, is set to retire in January 2019; with the mid-term election looming, passage of the senator’s “Retirement Enhancement and Savings Act” is a tall order.
Industry Sources Urge Lawmakers to Move Forward on Retirement Plan Proposals
A hearing focused on four bipartisan proposals, but a couple of witnesses also urged passage of the Retirement Enhancement and Savings Act of 2018.
403(b) Retirement Plan Exchanges
Brodie Wood, SVP of healthcare, education and not-for-profit markets at Transamerica Retirement Solutions, discussed the efficiencies and benefits a closed MEP can offer not-for-profit 403(b) plans.
Virginia Colleges and Universities Moving to Different 403(b) Plan Model
The newly created multiple employer plan (MEP) will help plan sponsors reduce their administrative burdens.
Lawmakers Introduce Legislation to Increase Plan Access and Lifetime Income
In addition to expanding access to MEPs, the bill would facilitate lifetime income disclosure and clarify the current annuity selection safe harbor.
More Detail From Rep. Neal’s Automatic Retirement Plan Act
All employees would have 6% of their income contributed to a workplace retirement plan and have these contributions automatically escalated each year.
Policy Proposals Made by Morningstar Include Open MEPs, Auto-IRAs
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.