By one expert's read, the proposal is the largest expansion possible given Labor's limited authority, which regulators reference in the document. (Photo: Shutterstock)
The Labor Department's proposal to broaden access to workplace retirement plans by way of Multiple Employer Plans does not include a pathway for so-called Open MEPs, which allow small business owners with no shared business association or interest to pool workers under one defined contribution plan.
The proposal aims to clarify a 2012 sub-regulatory action by the Obama administration that required employers to share commonality, or a nexus, such as membership in a trade organization, in order to benefit from the full administrative and fiduciary relief MEPs promise.
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