DOL Proposes Regulations for Association Retirement Plans
In October, the Department of Labor (DOL) published in the Federal Register proposed regulations to allow employers to join together to form "association retirement plans," historically referred to as multiple employer plans (MEPs).
Under the proposed rule, a retirement plan could be sponsored by an employer association or a professional employer organization. The proposal comes in response to an executive order issued by President Trump on August 31, 2018, directing the Department of the Treasury and the Department of Labor to issue regulations that expand access to retirement plans. Among other things, the executive order instructed the Department of Labor to consider regulations that would increase access to MEPs by easing the restrictions upon which businesses may join together to create MEPs.
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