Ilearned one of the biggest concerns was “Can my company leave theMEP if things change?” The simple answer is yes. Of course, as withmost answers, it all depends on the specifics of the particularplan design. (Photo: Shutterstock)
No fancy prose this week. No pop culture allusions. Just thestraight dope. But first, a disclosure: Besides reporting on thissubject for some time now, several years ago, I helped a businessassociation create a 401(k) MEP or multiple employer plan. Iworked with several different service providers and researchedplenty more. This was not an “Open MEP,” but a true MEP. Unlike Open MEPs, ina true MEP the underlying plans were not required tocontinue to operate as if they were a separate plan.
Within the last month, two things have occurred which havespurred concentrated interest in MEPs. The DOL has acted onPresident Trump's executive order and submitted their MEP proposalto the OMB. In addition, there has been a legitimate push inCongress towards broadening the definition of “true MEP” to includeOpen MEPs. Now more than ever, companies want to know more aboutthe MEP (see “What Every Company 401k Plan Fiduciary Needs toKnow about MEPs,” FiduciaryNews.com, September 25, 2018).
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Christopher Carosa
Chris Carosa has been writing a weekly article and monthly column for BenefitsPRO online and BenefitsPRO Magazine since 2011 and is a nationally recognized award-winning writer, researcher and speaker. He’s written seven books, including From Cradle to Retire: The Child IRA; Hey! What’s My Number? – How to Increase the Odds You Will Retire in Comfort; A Pizza The Action: Everything I Ever Learned About Business I Learned By Working in a Pizza Stand at the Erie County Fair; and the widely acclaimed 401(k) Fiduciary Solutions. Carosa is also Chief Contributing Editor of the authoritative trade journal FiduciaryNews.com and publisher of the Mendon-Honeoye Falls-Lima Sentinel, a weekly community newspaper he founded in 1989. Currently serving as President of the National Society of Newspaper Columnists and with more than 1,000 articles published in various publications, he appears regularly in the national media. A “parallel” entrepreneur, he actively runs a handful of businesses, including a small boutique investment adviser, providing hands-on experience for his writing. A trained astrophysicist, he also holds an MBA and has been designated a Certified Trust and Financial Advisor. Share your thoughts and story ideas with him through Facebook (https://www.facebook.com/christophercarosa/)and Twitter (https://twitter.com/ChrisCarosa).
