DOL Pooled Plan Provider Registration Guidance In Federal Register

Appearing in the September 1st Federal Register are proposed regulations issued by the Department of Labor’s (DOL’s) Employee Benefits Security Administration (EBSA), guidance on registration requirements for a “pooled plan provider” under the new retirement plan structure known as pooled employer plan, or PEP. A pre-publication version of these proposed regulations was released by EBSA on August 20. Publication in the Federal Register on September 1 kicks off a 30-day comment period.

PEPs were created by the Setting Every Community Up for Retirement Enhancement (SECURE) Act, signed into law in December 2019. PEPs are expected to differ from similar multiple employer plans (MEPs) in being less likely to have common interest or common ownership among participating employers.

A pooled plan provider is the named fiduciary for a PEP, and must register with the DOL. These proposed regulations include a mock-up of the DOL registration form, as well its instructions for its use.