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EBSARulemakingEBSA-2018-0007

Definition of "Employer" under Employee Retirement Income Security Act-Association Retirement Plans and Other Multiple-Employer Plans

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National Association of Home Builders filings
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National Association of Home Builders filed 1 comment on this docket between Jan 28, 2019 and Jan 28, 2019. 41 other organizations filed here. The comment window closed 2464d ago.

What National Association of Home Builders filed (1)

Jan 28, 2019· 1210-AB88 comment 26 National Association of Home Builders Rizzo 12212018· EBSA-2018-0007-0027

Filed on regulations.gov — full text not in the inline record.

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Abstract

The Department of Labor proposes a regulation under title 29 of the Code of Federal Regulations to expand access to affordable quality retirement saving options by clarifying the circumstances under which an employer group or association or a professional employer organization (PEO) may sponsor a workplace retirement plan. In particular, the proposed regulation clarifies that employer groups or associations and PEOs can, when satisfying certain criteria, constitute ‘‘employers’’ within the meaning of section 3(5) of ERISA for purposes of establishing or maintaining an individual account ‘‘employee pension benefit plan’’ within the meaning of ERISA section 3(2). As an ‘‘employer,’’ a group or association can sponsor a defined contribution retirement plan for its members, as can a PEO sponsor a plan for client employers (collectively referred to as ‘‘MEPs’’ unless otherwise specified). The proposed regulation would allow different businesses to join a MEP, either through a group or association or through a PEO. The proposal would also permit certain working owners without employees to participate in a MEP sponsored by a group or association. The proposal would primarily affect groups or associations of employers, PEOs, plan participants, and plan beneficiaries. The proposal would not affect whether groups, associations, or PEOs assume joint-employment relationships with member-employers or client employers. But the proposal may affect banks, insurance companies, securities broker-dealers, record keepers, and other commercial enterprises that provide retirement-plan products and services.

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Co-filers (41)

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