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How much will SECURE Act, Open MEPs improve retirement security?
What advisors, sponsors, and providers need to know about this game-changing retirement legislation.
Beginning in 2021, small-business clients will have even more options for providing retirement benefits to employees. The Secure Act removed the commonality of interest requirement that previously limited multiple employer plans (MEPs) to business owners who shared the same geographic location or industry—creating a new type of MEP. Under the Secure Act, employers will be able to offer MEPs, association retirement plans (ARPs) and pooled employer plans (PEPs).
While it can be generally said that ARPs and PEPs are simply expansions on the MEP, small business clients who wish to explore options for joining with other businesses to offer retirement benefits should understand the nuances of all three structures before jumping into the MEP pool.
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