Bipartisan legislation has been filed in both chambers of Congress that would raise caps on employer retirement plan matches and make it easier for small businesses to join multiple-employer plans.
Senator Susan Collins, R-Maine, chair of the Special Committee on Aging, and Senator Bill Nelson, D-Florida, reintroduced their Retirement Security Act of 2015. The bill would encourage businesses that are reluctant to sponsor individual plans to form MEPs by directing the Treasury department to issue regulations protecting members of MEPs should one of the participating employers fail to comply with plan requirements.
MEPs allow employers that share a common "nexus," such as a trade organization, to pool participants in one savings plan, creating cost and regulatory efficiencies otherwise not available to smaller, individual plan sponsors.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
