Labor's final rule notes the SECURE Act's progress, and its language on Open MEPs, which regulators say is significantly different from their final rule. (Photo: Mike Scarcella/ALM)
The Labor Department has released a final rule on Multiple Employer Plans that it says “could” offer small businesses more affordable and less burdensome retirement plans, and level the playing field for employees of small businesses by getting them access to lower cost savings plans.
The final rule tracks closely with last year's proposed rule in that it stops short of creating Open MEPs, which allow non-affiliated businesses to band together to create one retirement savings plan.
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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.
