During the May 16 House Education and the Workforce Committee hearing, increasing the ease with which employers can join “multiple employer plans”, and thus increasing access to retirement benefits for many employees, was discussed within the context of the Increasing Access to a Secure Retirement Act. The bill would eliminate the need for a common bond for an employer to participate in a multiple employer plan. It would also eliminate the “one bad apple rule” which penalizes the entire plan in the event of legal violations of a participating employer. Another of the proposals within the bill would assist employers in their selection of lifetime income products /annuity providers for their retirement plans.
www.newsbloomberglaw.com; May 17, 2018.