Bill 117 hr 6912, also known as the Pooled Employer Plan Fix Act, is a piece of legislation currently being considered by the US Congress. The purpose of this bill is to address issues related to pooled employer plans, which are retirement plans that allow multiple unrelated employers to participate in a single plan.
The bill aims to make several changes to existing laws governing pooled employer plans in order to improve their effectiveness and accessibility. One key provision of the bill is to clarify the rules surrounding the treatment of multiple employer plans (MEPs) and pooled employer plans (PEPs) under the Employee Retirement Income Security Act (ERISA). This clarification is intended to make it easier for employers to participate in these types of plans and to ensure that they are subject to appropriate regulatory oversight.
Additionally, the bill includes provisions aimed at increasing the portability of retirement benefits for employees who participate in pooled employer plans. This includes measures to simplify the process of transferring retirement benefits between different plans and to ensure that employees are able to retain their benefits even if they change jobs or employers.
Overall, the Pooled Employer Plan Fix Act is designed to promote the use of pooled employer plans as a cost-effective and efficient way for small and medium-sized businesses to offer retirement benefits to their employees. By addressing regulatory uncertainties and improving the portability of benefits, the bill aims to make these plans more attractive and accessible to both employers and employees.