US. The ABCs of Group Retirement Plans
The foundational concept of a group retirement solution—the multiple employer plan—has deep roots. Dating back to the early 20th century and formalized by the Taft-Hartley Act of 1947, multiple employer plans (MEPS) began as vehicles to make agreements between management and labor unions possible across numerous employers in the same industry.
While the multiple employer solutions we know today may look different, their underlying benefits have endured the test of time. In fact, their structure becomes even more relevant every day as business owners adapt to the evolving world around them, and as they look to manage expenses and resources while attracting and retaining top talent.
On Dec. 20, 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into law, which included several provisions that impact group retirement plans, including the creation of a new type—the Pooled Employer Plan, or PEP. Read below for an overview of the different core types of group plans and their key differences.
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