The DOL recently released a final rule intended to provide small businesses with greater access to quality and affordable retirement plans. The new rule, effective September 30, 2019, clarifies that a small employer group (association) -- such as employers in the same locale or particular industry/trade -- can band together and offer a defined contribution retirement plan to their employees through an Association Retirement Plan (“ARP”). This significantly relaxes the “commonality” standard previously required for separate employers to offer a combined retirement plan. Further, working owners without employees, including sole proprietors, can also participate in ARPs. Although various restrictions apply, it is expected that ARPs will allow employer groups to achieve economies of scale when negotiating with providers as well as lower administrative fees. The end result is expected to provide a means for small employers to offer more competitive benefit packages to their employees.
KMK Law articles and blog posts are intended to bring attention to developments in the law and are not intended as legal advice for any particular client or any particular situation. The laws/regulations and interpretations thereof are evolving and subject to change. Although we will attempt to update articles/blog posts for material changes, the article/post may not reflect changes in laws/regulations or guidance issued after the date the article/post was published. Please consult with counsel of your choice regarding any specific questions you may have.
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Antoinette Schindel practices in KMK Law's Employee Benefits & Executive Compensation Group. Antoinette regularly advises employers regarding Affordable Care Act (ACA) compliance issues, including health coverage and ...
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Lisa Wintersheimer Michel is the leader of the Employee Benefits & Executive Compensation Group. Her practice primarily involves all aspects of qualified retirement plans, including profit sharing plans, 401(k) plans ...
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