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Experts Sound Off on DOL's Open MEP Advisory Opinion
Fiduciary News; free registration required Link to more items from this source
June 12, 2012
"Previous to [DOL Advisory Opinion 2012-04A], one of the primary attractions of MEPs for smaller companies was the elimination of the 5500 filing and the removal of the costly audit requirement. These two factors had the dual impact of taking these companies 'off the grid' ... and reducing the cost of operating the plan ... The [Advisory Opinion] caught many industry professionals by surprise since it appears to be a giant step backwards for regulators... [R]ecent legislation in Massachusetts and California as well as a bipartisan bill offered in the Senate this past March all seem to be going in the direction of open MEPs."

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