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Pooled Retirement Plan Rule Proposal Unveiled by Benefits Agency

Aug. 20, 2020, 6:47 PM

Businesses that participate in new multiple-employer retirement plans can satisfy “pooled plan provider” registration requirements by filing with just the Labor Department, according to a new proposed rule issued by the agency.

Federal law allows pooled plan providers to start operating plans beginning Jan. 1, 2021, but requires businesses to register with the Secretary of Labor and the Secretary of the Treasury before they begin operations.

Employers who only register with the DOL would satisfy both of those requirements under the proposal published Thursday by the Employee Benefits Security Administration. This approach would streamline the pooled plan registration process, according ...

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