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Bipartisan bill in Senate would make fiduciaries of service providers to Open MEPs

Four new bills introduced in upper chamber as House preps retirement in ‘Tax Reform 2.0.’

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closeup of U.S. capitol The Retirement Security Flexibility Act, would incentivize wider adoption of automatic enrollment and escalation features in plans that currently don’t offer the features. (Photo: Mike Scarcella/ALM)

Two Republicans and two Democrats in the Senate have introduced four new bills aimed at expanding access to workplace retirement plans and incentivizing Americans to save more.

One bill, the Small Business Employees Retirement Enhancement Act, appears to model a provision in the Retirement Enhancement Security Act that would make it easier for small business owners to join Open Multiple Employer Plans. RESA passed unanimously out of the Senate Finance Committee in 2016, and a companion bill in the House was introduced earlier this year.

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Nick Thornton

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.

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