"[The administration is] proposing legislation to allow multiple unrelated employers to come together and form pooled 401(k)s, resulting in lower costs and less burden for each employer. Through these 'open multiple employer plans' (open MEPs), more small businesses should be able to offer cost-effective plans to their employees, while certain nonprofits and other intermediaries could create pooled plans for contractors and other self-employed workers. As an added benefit, employees moving between employers participating in the same open MEP can continue contributing to the same plan -- and receiving employer contributions -- even if they switch jobs. And independent contractors participating in a pooled plan using that structure can contribute no matter which client is paying them."

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