News & Analysis as of

Multiple Employer Plan (MEP)

Ary Rosenbaum

Bill to expand MEPs to 403(b) plans introduced

Ary Rosenbaum on

I rarely talk about legislation because so many bills over the years get proposed with zero action by Congress. It took more than 4 years for Roth 401(k) plans to be a thing. However, I want to take time to talk about...more

Ary Rosenbaum

Some of the hubbub over PEPs is nonsense

Ary Rosenbaum on

In terms of the 401(k) plan business, I think the hype over pooled employer plans (PEP) will be the most over hype since the release of Crystal Pepsi....more

Ary Rosenbaum

Retirement Plan Advisors Advantage - November 2020

Ary Rosenbaum on

I'm a big fan of business history when it comes to brilliant business moves, as well as some pretty awful ones. In terms of bad business decisions, I always find it amusing when I can spot one when it's made and I could see...more

Ary Rosenbaum

Pentegra MEP sued

Ary Rosenbaum on

If you become big enough, you can get sued. That is the lesson I tell everyone when someone mentions to me when a large plan provider or a large plan gets sued. Jerry Schlicter’s law firms has targeted the Pentegra Defined...more

Ary Rosenbaum

The PEP Gold Rush

Ary Rosenbaum on

I like choice and I like the idea that there is something called Pooled Employer Plans (PEPs) in 2021 because I always liked the idea of Open Multiple Employer Plans (MEPs). Another great aspect of it is the discussion and...more

Bowditch & Dewey

Are Pooled Employer Plans Right for You?

Bowditch & Dewey on

If you’re a small employer with a 401(k) plan, you might save some money and provide a more professional level of administrative support by joining a Pooled Employer Plan (PEP). Unrelated employers have always been able to...more

Ary Rosenbaum

Want your own PEP? Think again

Ary Rosenbaum on

As an ERISA attorney an ERISA 3(16) administrator, I’ve been asked by many clients, advisory firms, bundled providers, and third-party administrators. Many advisory firms want their own pooled employer plan (PEP) and I think...more

Ary Rosenbaum

Gambling against an audit is a bad bet

Ary Rosenbaum on

I love Las Vegas and the last two times I was there; I didn’t gamble a nickel. I hate gambling because I hate to lose. For me, getting up in the morning is a big enough gamble. A lot of plan sponsors gamble when they...more

Ary Rosenbaum

I’ve seen how this story played out

Ary Rosenbaum on

As everyone is gearing for the January 1, 2021 implementation of pooled employer plans (PEPs), I keep on insisting that this won’t be the game-changer that everyone hopes. I think PEPs are a great idea, it finally...more

Jackson Lewis P.C.

Guidance to Make Us Feel More SECURE

Jackson Lewis P.C. on

Notice 2020-68 from the IRS provides valuable clarification for sponsors of qualified plans, 403(b) plans, and 457(b) governmental plans, as well as IRA holders, related to certain provisions in the Setting Every Community Up...more

Ary Rosenbaum

The State Auto-Enroll IRA Plans are a good thing

Ary Rosenbaum on

Colorado is just another state that is offering a payroll deduction IRA program, forcing businesses to offer this program if they have five or more employees. I’m in favor of anything that offers increased retirement plan...more

Seyfarth Shaw LLP

Ending Social Distancing for Small Employer 401(k) Plans – DOL Asks for Suggestions on MEP and PEP Guidance

Seyfarth Shaw LLP on

Seyfarth Synopsis: A key component of the SECURE Act, passed at the end of 2019, was the expansion of opportunities to combine the 401(k) plan assets of multiple unrelated employers. ...more

Jackson Lewis P.C.

Multiemployer Construction Sites In The COVID-19 Era

Jackson Lewis P.C. on

Employers have encountered COVID-19-related unique and challenging workplace law circumstances in multiemployer construction sites. For example, a hospital under construction may have imposed COVID-19 testing requirements on...more

Ary Rosenbaum

MEPs are more expensive according to a study

Ary Rosenbaum on

The intention of multiple employer plans is that for the small plan market, their fees should be lower than single-employer plans. According to a paper by Natalya Shnitser, assistant professor at Boston College Law School, it...more

Ary Rosenbaum

ADP MEP Sued

Ary Rosenbaum on

When your plan becomes big enough, you become a target. A lawsuit was filed in New Jersey Federal Court by McCaffree Financial Corp., a participating employer of the ADP TotalSource Retirement Savings Plan...more

Ary Rosenbaum

You can’t sell Betamax in a world of VHS

Ary Rosenbaum on

A plan provider once asked me if I had written a full-blown article on why trustee directed 401(k) plans are better than participant-directed plans. I haven’t even if I believed in it (which I do), but it’s not going to get...more

Ary Rosenbaum

The Best Way To Sell A PEP/MEP is to not sell a PEP/MEP

Ary Rosenbaum on

When dealing with companies that may act as an adopting employer for a multiple employer plan (MEP) or pooled employer plan (PEP), I think the worst thing you can do is to market the MEP and PEP to a company. You think I’m...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Multiemployer Plan Pitfalls and Assistance for Employers Navigating the Coronavirus Crisis

For those employers that have obligations under collective bargaining agreements to contribute to multiemployer benefit plans, the employment implications of the COVID-19 crisis may have significant consequences. Below are...more

Thompson Coburn LLP

SECURE Act: What employers need to know for retirement plans

Thompson Coburn LLP on

On December 20, 2019, the Setting Every Community Up for Retirement Enhancement Act (the “SECURE Act”), became law. It passed the House with bipartisan support in May 2019, and passed in the Senate as part of the Further...more

Ary Rosenbaum

The Fear About PEPs

Ary Rosenbaum on

I am a proponent of multiple employer plans (MEPs) and the new change that will allow pooled employer plans (PEPs) that will be what we called an Open MEP in 2021. As discussed in other posts, the PEP change doesn’t change...more

Ary Rosenbaum

The threat of plan disqualification

Ary Rosenbaum on

In the movie Casino, Robert Deniro’s character Lefty Rosenthal warns Joe Pesci’s character Nicky Santoro that his actions will get him into the Gaming Control Board’s “Black Book”, which means he would be banned from all...more

Troutman Pepper

The SECURE Act: Significant Changes for Retirement Plans and IRAs

Troutman Pepper on

Pepper Hamilton partner Paul L. Porretta and Troutman Sanders partner Mamta K. Shah recently hosted a webinar to discuss the Setting Every Community Up for Retirement Enhancement Act of 2019, better known as the SECURE Act,...more

Ary Rosenbaum

Yeah, that won’t work

Ary Rosenbaum on

I always say that the retirement plan business is relationship-driven. It’s a business built on trust and it’s built on time. One of my dear friends in this business is James Holland, an advisor based in North Carolina. We...more

Ary Rosenbaum

The SECURE Act doesn’t change one big problem for MEPs

Ary Rosenbaum on

While I loved the fact that pooled employer plan (PEP) is an option as a multiple employer plan (MEP) under the SECURE Act, the problem is that one huge problem concerning MEPs remains and can’t be fixed by law. It’s the slow...more

Ary Rosenbaum

Per head charges are eye popping in MEP case

Ary Rosenbaum on

National Rural Electric Cooperative Association (NRECA) is a national service organization that represents more than 1,000 rural electric cooperatives around the United States. NRECA sponsors a 401(k) multiple employer plan...more

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