June 23, 2020
On June 18, 2020, the DOL published a request for information (RFI) on pooled employer plans (PEPs). As background, the Setting Every Community Up for Retirement Enhancement (SECURE) Act was passed in December 2019. (See our January 7, 2020, edition of Compliance Corner for more information on the SECURE Act.) The SECURE Act allows for PEPs, which are multiple employer retirement plans that are administered by pooled plan providers. PEP providers are fiduciaries, and are therefore subject to ERISA’s prohibited transaction provisions.
The DOL is requesting information on possible parties, business models and conflicts of interest that parties anticipate will be involved in the formation and operation of PEPs (including those sponsored by employer groups, associations or PEOs). The comment period ends on July 20, 2020.
Interested parties should consider filing a response. Consult with your adviser on any questions pertaining to the SECURE Act.
Request for Information »Press Release »