Under MEPs, employers are still fiduciaries, but most of the burdens of administering plans can be offloaded to third-party providers. (Photo: Shutterstock)
Last week, President Trump signed an executive order establishing the expansion of access to workplace retirement plans as a formal policy of the federal government.
The order, which gives the Labor and Treasury Departments six months to propose new rules or guidance that would clarify which employers could join Multiple Employer Plans, was lauded by employer advocates and retirement plan providers across industry.
But support for so-called Open MEPs, which is shared across the aisle on Capitol Hill, has not always been universal, thanks to one prominent case of fraud by a MEP plan fiduciary and other cases of mismanaged Multiple Employer Welfare Arrangements, says Troy Tisue, president of TAG Resources, a Knoxville, Tennessee provider of MEPs
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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.
