In broadening employereligibility for MEPs to include locality, the DOL proposalintroduces the prospect of chambers of commerce as sponsors ofretirement plans for their members. (Photo: MikeScarcella/ALM)

The Labor Department's proposal to increase sponsorship ofworkplace retirement plans by expanding accessto multiple employer plans does not remove the existing commonalityrequirement for employers to join a MEP.

But it does significantly broaden the circumstances thatdetermine whether employers have “sufficient commonality ofinterests” to pool employers under one defined contribution plan, according to theproposal, released today.

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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.