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Senators Introduce Expanded Pooled Retirement Legislation

May 19, 2021, 9:34 PM

U.S. senators Chuck Grassley (R-Iowa), Maggie Hassan (D-N.H.), and James Lankford (R-Okla.) reintroduced legislation Wednesday that would expand access to multiple-employer retirement plans.

The Improving Access to Retirement Savings Act, which was originally introduced last legislative session, is a slimmed-down version of the Securing a Strong Retirement Act, or SECURE Act 2.0. Both bills build off SECURE Act 1.0, a 2019 law that introduced pooled employer plans, allowing unrelated companies to join together under a single provider offering lower-cost, traditional 401(k)-style retirement services.

The Improving Access bill would expand the scope of multiple-employer plans to include 403(b) ...