In broadening employer eligibility for MEPs to include locality, the DOL proposal introduces the prospect of chambers of commerce as sponsors of retirement plans for their members. (Photo: Mike Scarcella/ALM)
The Labor Department's proposal to increase sponsorship of workplace retirement plans by expanding access to multiple employer plans does not remove the existing commonality requirement for employers to join a MEP.
But it does significantly broaden the circumstances that determine whether employers have “sufficient commonality of interests” to pool employers under one defined contribution plan, according to the proposal, released today.
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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.
