Fiduciary Hot Topics for Q4 2021

Under existing law multiple employer plans must be limited to employers that are in some way related, for example employers in the same industry.

The Department of Labor (DOL) recently reported that in reviewing Form 5500 data for 2018 a significant number of multiple employer plans (MEPs), including MEPs sponsored by professional employer organizations (PEOs), failed to include a complete and accurate list of participating employers with their Form 5500/5500-SF.

It has been 13 years since Congress enacted the Pension Protection Act of 2006, the last piece of major legislation affecting retirement plans. Significant provisions affecting retirement plans were included in various versions of President Trump’s tax reform bill enacted in 2017, but Congress ultimately punted, and none of them made it into the final bill.

On Friday, August 31, President Trump signed an Executive Order directing the Department of Labor (DOL) and the Treasury to review and consider issuing regulations regarding increasing access to workplace retirement savings arrangements.