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One provision in the currently-debated Setting Every Community Up for Retirement Enhancement (SECURE) Act concerns Open Multiple Employer Plans, but while such MEPs present an opportunity for some small businesses, a new white paper from Massachusetts Mutual Life Insurance Company warns that they aren't the answer for everyone.
The white paper, Open Multiple Employer Plans: What Open MEPs May Mean for Your Business, points out that plan design options may be limited under the proposed legislation, since one of the bill's purposes is to streamline the process of offering and maintaining a retirement plan.
That could mean that such a plan may not be as effective in enrolling employees, encouraging savings and getting workers ready to retire "on their own terms."
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
