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Embrace small plans before it’s too late

If you’re not in the 401(k) MEP game, the curtain is closing fast.

graphic of large hand reaching out to small man Small-business owners either want to keep their hands on things or they want to keep their hands off of things. In both cases, you have something to offer. (Image: Shutterstock)

On July 31, 2019, the DOL published a Field Assistance Bulletin regarding their final regulations on the establishment of 401(k) multiple employer plans (MEPs). It’s not a perfect solution (although Congress may pass one by the time you read this). Still, it’s a viable solution that makes the 401(k) MEP a more palatable option for plan sponsors too busy to take the time to understand all the compliance intricacies of the 401(k) environment.

If you’re not in the 401(k) MEP game, the curtain is closing fast. There may not be much you can do in some circumstances, but there is something you can do in at least some cases.

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Christopher Carosa

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).

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