According to the Department of Labor (DOL), approximately 38 million private sector employees in the United States do not have access to a retirement savings plan through their employer.
In response to Executive Order 13847, "Strengthening Retirement Security in America," issued by President Trump in August 2018, the DOL issued a final rule allowing separate employers to join a single defined contribution plan to help reduce cost and administrative duties. The intent is to make it easier to establish a 401(k) or similar defined contribution multiple employer plan (MEP). This is great news for smaller employers who have been discouraged by the cost and complexity of running their own retirement plans, but with this new rule comes questions. How will this rule operate and affect businesses? What are the two authorized approaches for establishing a MEP, and how does an employer know which one is best for their business? What are the requirements under each approach? What should an employer consider when establishing a MEP and how can an employer stay compliant? This topic will address these questions and help businesses navigate the new rule, ensuring compliance. Finally, considerations as to what may lie ahead will also be addressed.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Overview of DOL's Final Rule on Multiple Employer Retirement Plans
- Why the Rule Was Developed
- How the Rule Will Operate and Affect Businesses
- "Employers" and Permitted "Working Owners" Defined
- DOL's Authorized Approaches for Establishing Defined Contribution Multiple Employer Plans (MEP), e.g., 401(k)
Plan Considerations
- Determining the Best Approach for Establishing a MEP
- Evaluating the Potential Benefits vs. Potential Liability Risks When Considering the Best Approach
- Considering Plan Fiduciary Obligations
- Establishing a Plan and Staying Compliant
Looking Ahead
- IRS Proposed Rule Regarding MEPs
- The SECURE Act
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on January 21, 2020.
Call 1-866-352-9540 for further credit information.
No Credit AvailableThis program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Patricia L. Beaty, Esq.
Taft Stettinius & Hollister, LLP
- Partner in the office of Taft Stettinius & Hollister, LLP focusing exclusively on employee benefit matters
- Practice emphasizes all aspects of employee benefits and executive compensation of both retirement and health and welfare plans
- Conducts regular client training, seminars, and workshops on ERISA, fiduciary duties, the Affordable Care Act, IRS and DOL audits, 401(k) plans, defined benefit plans, cash balance plans, health and welfare plans, VEBAs, Medicare Secondary Payer rules, litigation, mergers and acquisitions, 403(b) plans, 457(b) plans, 457(f) plans, and new comparability (cross-tested) plan designs
- Certified employee benefits specialist (CEBS), American Bar Association Committee on Employee Benefits, Indiana Benefits Conference (past chairperson), Indianapolis Bar Association, and current President of the Indiana Chapter of the International Society of Employee Benefit Specialists
- J.D. degree, Indiana University, Robert H. McKinney School of Law; B.S. degree, Ball State University
- Can be contacted at [email protected]
Rachel Pappenfus
Taft Stettinius & Hollister LLP
- Associate at Taft Stettinius & Hollister LLP, and a member of the labor & employment practice group
- Focuses on employment and employee benefits law for both public and private employers in various industries, including compliance with federal and state employment laws as well as ERISA, HIPAA, the Patient Protection and Affordable Care Act, and COBRA
- Significant experience advising clients on all aspects of compensation and benefits, including pension, health and welfare plan design; administration of pension and welfare benefit plans and cafeteria plans, as well as plan correction issues and compliance with various federal and state laws; and drafting benefit plans and various plan documents, e.g., summary plan descriptions and plan amendments
- J.D. degree, University of Cincinnati, College of Law; M.Ed. degree, College of Mount St. Joseph; B.S. degree, Wright State University
- Can be contacted at 937-641-2069 or [email protected]
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Why Lorman?
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