Rules for Pooled Plans

healthcareAs a way to give small businesses the opportunity to offer their employees a workplace-based retirement savings option that is easy and inexpensive to maintain, the Department of Labor moved to establish rules for Pooled Employer Plans or PEP. According to the law, pooled plan providers will need to register with the Labor and Treasury secretaries in advance and once registered, can begin operating PEPs as early as January 1, 2021. The goal for the option, which was made possible by the Secure Act of 2019, is to make saving for retirement cost-effective for more employees throughout the U.S.

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