Proposed Bill Would Give 403(b) Plan Sponsors Access to Open MEPs
The SECURE Act's provisions for pooled employer plans (PEPs) did not apply to 403(b) plans.
Tag: open MEPs
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How Advisers Serving MEPs and PEPs Can Be Conflicted
The most obvious potential conflict of interest for advisers setting up or serving pooled employer plans is if their practice is affiliated with the investments being selected—but there are other potential pitfalls to acknowledge.
Attorneys Offer Closer Reading of DOL’s Open MEP RFI
Advisers and broker/dealers hoping to work with open multiple employer plans now have a short window to offer their perspectives to the Department of Labor and the Internal Revenue Service.
Aon and Voya Team on Pooled Employer Plan
Aon has announced the launch of a new pooled employer plan (PEP) to be recordkept by Voya.
DOL Issues RFI on Prohibited Transactions, Open MEPs and SECURE Act
Responses to the request for information (RFI) will help the Department of Labor (DOL) evaluate the need for a proposal on new prohibited transaction exemptions related to pooled employer plans.
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Pooled Strength
PEPs should be a boon to small employers—how advisers, too, can gain from these plans.
Aon and ABC: It’s Time to Improve Retirement Outcomes, Now
We urge Congress to enact the SECURE Act now. Such action will be transformational for the retirement ecosystem, helping to secure the financial future for American workers at employers of all sizes and across all sectors.
What Plan Sponsor Clients Should Consider Before Joining an Open MEP
Providers of open MEPs are likely to create many different versions, and it has yet to be determined how much fiduciary responsibility plan sponsors will shoulder, MassMutual says
IRS Announces Public Hearing on Proposed MEP Rules
Allowing open MEPs is a key component of the Setting Every Community Up for Retirement Enhancement Act (SECURE Act)—a bill remains stalled in the U.S. Senate.
Association Retirement Plans Expected to Expand Quickly
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.
Practice Management
PANC 2019: Multiple Employer Plans—Opportunity or Threat?
The SECURE Act could make ‘open’ MEPs a reality—and a benefit to advisers if they are proactive.
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Legislative and Judicial Actions
FINRA Share-Class Sweep Highlights Importance of CooperationThe Financial Industry Regulatory Authority (FINRA) announced the final results of its mutual fund waiver initiative—the agency’s aggressive multiyear effort to ensure member...
Industry Reacts Positively to DOL’s Association Retirement Plan Rule
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.
DOL Issues Final Association Retirement Plans Rule
In addition to the final ruling, the department has also released a 16-page request for information (RFI) on open MEPs.
Open MEPs Seen as a Promising Way to Narrow the Coverage Gap
Two-thirds of small businesses that currently do not offer a retirement plan say that they would consider doing so through an open MEP, Empower learned in a survey.
For Retirement Security, Cast a Wide (and Cost-Efficient) Net
Only 2% of small business decisionmakers told Millennium Trust that they would be willing to pay an adviser more than $1,000 annually, writes Kevin Boyles, business development director for the firm.
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Advisers’ Future Trajectory
Firms confront a convergence of retirement plan and wealth consulting
Another Bill Proposed as Senate Committee Hearing Brings Calls for Retirement Action
Besides a lengthy Finance Committee hearing discussing the popular RESA legislation, the day on Capitol Hill also brought news of the introduction of the new Retirement Security and Savings Act.
The Future Open-MEP Market
There are two potential pathways for the broad adoption of open multiple employer plans by small businesses, one driven by advisers and the other by recordkeepers.
Changes the Retirement Plan Market Could See With Open MEPs
For retirement plan advisers, passage of open MEP legislation could change relationships with plan sponsors and providers, as well as create the need for new distribution models.