Of the 66% who responded in favor of the plans, 55% stated the likelihood of lowered costs for themselves is their top reason for supporting MEPs, while 54% said they were interested in reduced fees for employees.
Tag: multiple employer plans
The hearing focused on four bipartisan proposals, and hearing witnesses expressed their support for these proposals, while some also urged legislators to move forward on the Retirement Enhancement and Savings Act of 2018 (RESA).
Speaking at the Plan Sponsor Council of America (PSCA) 71st Annual National Conference, 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.
The goal is to reduce fees and administrative burdens for plan sponsors while providing better services for plan participants.
All employees would have 6% of their income contributed to a workplace retirement plan and have these contributions automatically escalated each year.
Morningstar says the U.S. can learn from the UK.