Proposed regulations would provide an exception, if certain requirements are met, to a multiple employer plan (MEP) being disqualified due to the actions of one plan sponsor member.
Small U.S. employers trust the financial services sector for its expertise more than government entities when it comes to administering retirement savings programs, a survey found.
In addition, in a new 2019 State Retirement Security Blueprint, the Insured Retirement Institute (IRI) says the creation of state-run retirement plans is the wrong approach to addressing retirement security for all Americans.
If legislation allowing for open multiple employer plans (MEPs) is passed, it will be a while before implementation, and changes it will bring will affect services and business models of nearly every stakeholder in the retirement plan industry.
Many industry groups that submitted comments to the DOL argued that the plain language of Section 3(5) of the Employee Retirement Income Security Act (ERISA) indicates non-related employers could participate in multiple employer plans (MEPs).
These plans allow small businesses within a business group or association to join together to offer defined contribution retirement savings benefits.
Plan sponsors can anticipate additional guidance and legislation on a number of retirement plan issues.
The Wisconsin Association of Independent Colleges and Universities announced a partnership with Transamerica to create a 403(b) multiple employer retirement plan specifically for its educational institution members.
The goal is to reduce fees and administrative burdens for plan sponsors while providing better services for plan participants.
The bill would facilitate lifetime income disclosure, clarify the current annuity selection safe harbor and expand access to multiple employer plans.