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Employers Can Launch Pooled Retirement Plans Under Final Rule

Nov. 12, 2020, 5:05 PM

Sponsors of joint retirement plans by unrelated employers may electronically register for the new programs this month under a final rule from the Labor Department.

The final rule, released Thursday, gives small- and medium-sized businesses the opportunity to join together in a retirement plan so long as they register with the Labor Department. It also opens the door for financial services firms like banks and insurance companies to sponsor the pooled plans, according to an Employee Benefits Security Administration fact sheet.

New registrants may submit filings via EBSA’s online portal beginning Nov. 25. “This final rule lays the ...