The consensus in early commentary is that the new House proposal appears to closely align with bipartisan legislation with potential majority support in the Senate.
Tag: open MEPs
Those industry stakeholders disappointed by the limited scope of the proposed regulations can take heart in the fact that DOL staff calls for detailed commentary on ways the proposal could be expanded, including into the area of “open MEPs” and “corporate MEPs.”
The text of the regulation is still forthcoming, but the Office of Management and Budget has completed its review; so far, we know the regulation is viewed as “major” and “economically significant.”
Significant transformation is happening in the small business retirement plan market; what does this mean for the fiduciary adviser community?
Mostly party-line House action this week included passage of the Family Savings Act, which features key provisions drawn directly from the popular Retirement Enhancement and Savings Act.
The president on Friday signed an executive order directing the Treasury Department to reassess required minimum distributions from 401(k) plans and ordering DOL staff to explore the possibility of allowing small businesses to join open multiple employer plans.
Securian Financial provides recordkeeping services and an investment platform for the solution designed for small and mid-sized employers, along with easy access to account tools and resources through a secure website, and it has teamed up with two other industry professionals to provide fiduciary services.
The news comes as a large number of ERISA lawsuits are playing out in the district and appellate courts across the U.S., testing whether 403(b) plan sponsors of major universities have sufficiently exercised their bargaining power or allowed inefficient recordkeeping arrangements to persist over long periods of time.