MEPS, PEPS and Group Plans: The Changing Multiple Employer Plan Landscape -- 2021 and Beyond
George Kasper, partner in the Employee Benefits practice at Pullman & Comley, LLC, presented a program with Matt Pretralia, Regional Director-Northeast at Newport Retirement Services, for the Connecticut Society of Certified Public Accountants (CTCPA) Employee Benefit Plans Conference on May 25, 2021.
The presentation focused on some of the most significant changes in the SECURE Act relating to Multiple Employer Plans (MEPs) and the new Pooled Employer Plans (PEPs), with the goal of informing accountants on how to help plan sponsor clients optimize the SECURE Act’s provisions.
The SECURE Act created a new type of collective retirement plan known as a PEP which allows unaffiliated employers to come together under a single plan without being subject to the limitations of MEPs which present a variety of issues such as legal exposure, high costs, and administrative complexity for employers. As of Jan. 1, 2021, employers will have the option of utilizing PEPs. PEPs can provide lower plan fees and expenses, simplified administration, and the shifting of fiduciary risk from employer to the PEP provider.
“MEPs to PEPs and Group Plans” provided a basic overview of the features, suitability and application of the traditional Multiple Employer Plan, the SECURE Act’s Pooled Employer Plan and Group Plans, as well as insight for advisors on how to help their clients evaluate their plan options, practical methods in avoiding compliance pitfalls, and navigating ERISA and IRS rules and limitations.
For more information, please contact George Kasper at email@example.com.