"Retirement saving is, in many ways, the economic engine that drives our nation, generating financial security for millions of Americans and providing trillions of dollars in capital investment.
"Today's executive action to expand and improve employer-sponsored retirement plans is a positive step forward. More can and should be done to help employers sponsor plans, including multiple employer plans, and to retain the plans that they are voluntarily sponsoring," Dudley said. "This includes providing solutions for frozen defined benefit pension plans and supporting companies that offer retirement plans for employees across multiple states."
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Today's executive order directs the
The Council recommended expansion of open MEPs as part of its 2014 public policy strategic plan, A 2020 Vision: Flexibility and the Future of Employee Benefits (https://www.americanbenefitscouncil.org/pub/?id=e6154447-f3da-eaee-a09e-fbcc312a0e91), and supports the Retirement Security for American Workers Act (H.R. 854 (https://www.congress.gov/bill/115th-congress/house-bill/854?q=%7B%22search%22%3A%5B%22H.R.+854%22%5D%7D&r=1)/S. 1383 (https://www.americanbenefitscouncil.org/pub/71a2d594-b9f7-a7a6-c19f-59c9a27a50ff)) which would (1) waive the requirement that there be a "nexus" or a preexisting relationship between each employer participating in an open MEP and (2) eliminating the rule that one employer's failure to meet the criteria necessary to maintain a tax-preferred retirement plan could result in potential disqualification of the entire plan. (This provision is also included in the Retirement Enhancement and Savings Act (RESA) of 2018 (S. 2526) (https://www.americanbenefitscouncil.org/pub/?ID=4638ae03-c984-6acd-85dc-7838f6c8cd85)).
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"We hope that the renewed focus on retirement security results in laws that encourage employers to provide savings plans and help employees share in the prosperity of the American economy," Dudley said.
As part of the
For more information, or to arrange an interview with Dudley, contact or by phone at 202-289-6700 (office) or (202) 422-4652 (cell).