"[O]pen MEPs are, and have always been, among the safest and most beneficial retirement plan structures when properly governed. Proper governance includes ensuring that the plan meets the provisions of ERISA, and in particular the Annual Report (i.e., Form 5500) and audit requirements.... The question of a MEP's single plan status under ERISA is not new, but the recent attention has been substantial.... What is the practical impact if an open MEP is not a single plan for ERISA purposes as the DOL's guidance suggests? On the surface all of ERISA's many requirements would then apply at the individual employer level and this might seem a cause for concern, but as a practical matter this does not have any impact on the ability of the participating employers to comply with the requirements under ERISA because ERISA compliance is outsourced to the MEP's fiduciaries."

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