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Multiple Employer Plans

That the Pension Benefit Guaranty Corporation (PBGC) provides a financial safety net for millions of retirees and plan participants. But what are those threads made of? The Congressional Research Service (CRS) offers an answer. In “Pension Benefit Guaranty Corporation (PBGC): A Primer,” the CRS... READ MORE
Retirement security has received some much-needed attention in bipartisan legislation introduced in the Senate. The Retirement Security Act of 2019 was introduced by Sens. Susan Collins (R-ME), the Chairman of the Senate Aging Committee, and Maggie Hassan (D-NH), with a goal of helping small... READ MORE
At first blush, many in the industry assumed that the Department of Labor’s proposed rules expanding access to multiple employer retirement plans would include allowing for open MEPs by unrelated employers. The idea hasn’t gone away, but it’s not included in the current DOL proposal. Issued in... READ MORE
ERISA was enacted to provide national protections for participants in employer-sponsored retirement plans – but proposed legislation would undermine those protections. A bill introduced in the Senate in July would create a new type of “open” multiple employer plan (MEP), an employee benefit plan... READ MORE
Wasting no time, the Labor Department has delivered its proposed rule to expand access to multiple employer retirement plans to the Office of Management and Budget for review.It was less than a month ago that President Trump signed an executive order directing the Departments of Labor and Treasury... READ MORE
Step inside the chamber, and we will gaze at the crystal ball. ASPPA’s Sept. 11 invitation offered a look at seven trends in the retirement industry that will have a significant impact — and, in fact, already are. In “Didn’t See THAT Coming: Seven Industry Trends Will Shape the Future,” American... READ MORE
Multiple employer plans (MEPs) continue to generate plenty of discussion.The reason is the Small Business Employees Retirement Enhancement Act, introduced earlier this month by Sen. Tom Cotton (R-AR), which includes provisions regarding so-called “open” MEPs, a type of employee benefit plan that... READ MORE
Previous regulatory actions by the Department of Labor have made open multiple employer plans a less attractive option for employers, but legislative fixes proposed by Congress could significantly improve the overall appeal of MEPs, a speaker explained at ASPPA’s 2017 Annual Conference. Noting... READ MORE
A congressional hearing on “Regulatory Barriers Facing Workers and Families Saving for Retirement” ran the gamut from the fiduciary regulation to multiple employer plans to state-run programs.The hearing, by the House Education and Workforce Committee’s Subcommittee on Health, Employment, Labor... READ MORE
Third party administrators are, at their core, all about service. It’s their bread and butter, their raison d’etre. So while any employer seeks and values engaged employees, they are even more desirable for service providers, since their commitment and energy spell better service for clients. And... READ MORE
The Pension Benefit Guaranty Corporation (PBGC) has issued its fiscal year (FY) 2016 annual report, a compilation that provides data on the agency’s activities, its health and the assistance it has provided to retirement plans in FY 2016.Overview of the YearThe PBGC made benefit payments of $5.8... READ MORE
Are multiple employer plans (MEPs) — single retirement plans involving two or more unrelated employers — on the brink of becoming more widespread and a more important part of the retirement plan universe? Perhaps.Momentum has been building for many years and has accelerated lately. In 2014, the... READ MORE
The Senate Finance Committee has cleared two pieces of retirement legislation that are now pending before the full Senate, including one that includes a new brand of multiple employer plan (MEP) for the private sector.Meet the PEP — and the PPPOne of the bills, the Retirement Enhancement and... READ MORE
Last week, House Republicans released the first of six documents detailing their policy agenda, a portion of which included recommendations to “build retirement security through the private retirement system.” The most notable aspect of the report, however — a blueprint from the Task Force on... READ MORE
The U.S. Chamber of Commerce has made suggestions in a recent paper for ways to bolster the private-sector retirement system.The keys to strengthening the system, says the Chamber, is to strengthen the current retirement structure, address the demographic changes and retirement needs of an evolving... READ MORE
The Senate Finance Committee held a hearing Jan. 28 on “Helping Americans Prepare for Retirement: Increasing Access, Participation and Coverage in Retirement Savings Plans.” Chairman Orrin Hatch (R-Utah) noted in his opening remarks that the hearing would allow the full committee to hear more... READ MORE
That “unique representational interest” that the Department of Labor (DOL) feels justifies the sponsorship of an open multiple employer plan (MEP) by a state for its citizens might extend beyond state boundaries.Assistant Secretary of Labor Phyllis Borzi says that some New England states have... READ MORE
Reports from the Senate Finance Committee’s five bipartisan tax working groups have been published, including policy options and recommendations on savings and investment.On Jan. 15, the Senate Finance Committee, which has jurisdiction over tax policy, announced that Chairman Orrin Hatch (R-Utah)... READ MORE
In coming years, more than half of workers and retirees in terminated multiemployer plans will face a reduction in benefits under current Pension Benefit Guaranty Corporation (PBGC) guarantees if their plans run out of money, according to a new study.In the past, only about 20% of workers and... READ MORE
The Pension Benefit Guaranty Corporation is seeking input on the implementation of the Multiemployer Pension Reform Act (MPRA) of 2014. The MPRA, enacted Dec. 16, 2014, included provisions that amended ERISA by replacing the rules for the partition of multiemployer plans and adding rules for... READ MORE