Regional Vice President of Sales The Retirement Plan Company
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AimPoint Pension
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Defined Benefit Combo Cash Balance Compliance Consultant Loren D. Stark Company (LDSCO)
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Bates & Company, Inc.
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Loan & Distribution Specialist AimPoint Pension
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Compass
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Text of DOL Final Regs: Definition of Employer Under Section 3(5) of ERISA -- Association Retirement Plans and Other Multiple-Employer Plans
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL] [Official Guidance] July 29, 2019 135 pages. "This document contains a final regulation ... that expands access to affordable quality retirement saving options by clarifying the circumstances under which an employer group or association or a professional employer organization (PEO) may sponsor a multiple employer workplace retirement plan.... The final regulation does this by clarifying that employer groups or associations and PEOs can, when satisfying certain criteria, constitute 'employers' within the meaning of ERISA for purposes of establishing or maintaining an individual account 'employee pension benefit plan' within the meaning of ERISA. As an 'employer,' a group or association, as well as a PEO, can sponsor a defined contribution retirement plan for its members (collectively referred to as 'multiple employer plans' or 'MEPs' ...). Thus, different businesses may join a MEP, either through a group or association or through a PEO.
"The final regulation also permits certain working owners without employees to participate in a MEP sponsored by an employer group or association. The final rule primarily affects groups or associations of employers, PEOs, plan participants, and plan beneficiaries.... [It] may affect banks, insurance companies, securities broker-dealers, record keepers, and other commercial enterprises that provide retirement-plan products and services to ERISA plans and plan sponsors.... "This final regulation is effective [Sept. 30, 2019]." |
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