A Regulatory Update
On October 22, 2018, the Department of Labor (DOL) released proposed regulations that expand the availability of multiple employer plans (MEPs) that are considered single plans under ERISA purposes. The proposal represents a rapid response to the president’s Executive Order on retirement security announced August 31, 2018, and calls for a 60-day public comment period. The gist of the proposed rules is that most associations and Professional Employer Organizations (PEOs) plus groups or associations of employers within a single trade group or geographic area, can sponsor MEPs and have them treated as single plans for ERISA purposes if certain conditions are met. Read full article…