…in order to claim an exemption from ERISA: Participation must be voluntary. All rights under the annuity contracts or custodial accounts must be enforceable by the employee or beneficiary (not the employer.) Involvement of the employer must be limited to certain restricted activities. The employer…
…longer held that role after the acquisition. Months went by and the Plan Administrator role was not filled. That meant that the plan was in limbo, and the level of participant frustration was escalating, along with risk of Department of Labor involvement. Until a new…
2020 was an unusually busy year … and not just for the most obvious reasons. Legislatively, the retirement savings industry was faced first with the Setting Every Community Up for Retirement Enhancement (SECURE) Act – actually signed into law on Dec. 20, 2019 — the…
…of the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 was the creation of the PEP, which allows unrelated employers to collectively participate in a retirement plan that is professionally run. As with the Multiple Employer Plan (MEP), the economies of scale…
…receive a benefit of at least 125% of the federal poverty level. The new Biden-Sanders plan would also increase funding for home and community based-care, end waitlists, and create new programs to “ensure that older adults have the support they need to remain at home…
September 1st marked the long-awaited publication in the Federal Register by the U.S. Department of Labor (DOL) of its proposed regulations for Pooled Plan Providers (PPP), who will administer Pooled Employer Plans (PEPs) as introduced by the Setting Every Community Up for Retirement Enhancement Act…
…Interim Final Rule on lifetime income disclosures under the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE) Act. The Interim Final Rule outlines how defined contribution plan sponsors governed by The Employee Retirement Income Security Act of 1974 (ERISA) would provide participants…
…Ranking Member Kevin Brady (R-TX), the SSRA contains provisions that are pro-retirement plan, pro-plan participant, and pro-plan sponsor. The bill builds on the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 to further improve workers’ long-term financial wellbeing. “Covid-19 has only exacerbated…
There has been a flurry of recent activity surrounding the Setting Every Community Up for Retirement Enhancement (SECURE) Act as we near its first anniversary. Signed into law on December 20, 2019, the SECURE Act has been the subject of various federal government-issued explanations and…
…few of those events that helped make this such an extraordinary year. To truly assess 2020, we actually need to go back to the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which was signed into law on December 20, 2019. This has truly…
While Pooled Employer Plans (PEPs) and Multiple Employer Plans (MEPs) got the lion’s share of attention last year with the passage of the SECURE Act (Setting Every Community Up for Retirement Enhancement) – and understandably so – another type of plan is also gaining traction…
Despite predictions by some that 2021 would begin with an explosion of Pooled Employer Plans (PEPs) as a result of the passage of the SECURE Act (Setting Every Community Up for Retirement Enhancement), that does not seem to be the case, so far. Certainly there…