Regional Vice President of Sales The Retirement Plan Company
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Compass
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Loan & Distribution Specialist AimPoint Pension
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AimPoint Pension
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Bates & Company, Inc.
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Defined Benefit Combo Cash Balance Compliance Consultant Loren D. Stark Company (LDSCO)
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The DOL's Own Reasoning Supports MEPs Being 'Open'
Business of Benefits [Opinion] Dec. 27, 2018 "The Department wants the MEP sponsor to perform a 'substantial employment function' to preserve ERISA's fundamental employment based purpose, and does not see how that exists in commercial practice.... [T]his concern is really alleviated in the retirement plan market ... Unlike the AHP sponsor, the MEP sponsor itself is, after all, still a retirement plan Sponsor, and is subject to the MEP service crediting rules for participation, vesting and benefit accrual ... [M]aintaining the plan is, in itself, a 'substantial employment function' ... [T]he real concern should be ... whether the pecuniary interest of the fiduciary overwhelms (and becomes primary over) the interests of the plan and the participants in its dealings with the plan. However, the operation of the prohibited transaction rules prevent this from being so." |
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