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.’
Already, state-run plans, PEPs and moves to expand access to SIMPLE plans are making a difference, experts say.
The firm says the PEP will reduce fiduciary liability for employers.
With its PEP, the firm plans to simplify plan administration and reduce fiduciary risk to help more businesses offer a retirement plan.
The rule implements the registration requirements for PEPs pursuant to the SECURE Act
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.