Published in Thursday’s Federal Register is the Department of Labor’s Employee Benefits Security Administration’s (EBSA’s) request-for-information (RFI) seeking public comments on issues pertinent to pooled employer plans (PEPs) and multiple employer plan (MEPs).
This RFI is a response to the December 2019 enactment of the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which contained provisions intended to enhance the ability of multiple entities to join together in a single retirement plan.
The SECURE Act established statutory conditions for the establishment of new affiliations to be known as PEPs, which would require the designation of a “pooled plan provider” that would be a fiduciary of the arrangement. EBSA is also seeking “information on … issues involving multiple employer plans sponsored by employer groups or associations or professional employer organizations.”
The comments received in response to this RFI are likely to shape future EBSA guidance on the operation of these arrangements.