DOL Expands MEP Availability in Final Regulations on Association Retirement Plans | Practical Law
The Department of Labor (DOL) has issued final regulations that clarify the circumstances under which either a group of employers or a professional employer organization (PEO) is considered to be an "employer" under Section 3(5) of the Employee Retirement Income Security Act of 1974 (ERISA) for purposes of sponsoring a multiple employer plan (MEP), also known as an association retirement plan, to cover employees of the member employers. The final regulations largely adopt the proposed regulations. The DOL also issued a request for information (RFI) seeking comments on whether it should issue regulations that would facilitate "open MEPs," which are excluded from the final regulations.