While I wish I could predict next week’s Powerball numbers, I do have a pretty good sense to make predictions in the retirement plan business that come true. So I will state that 2017 may bring back open multiple employer plans (MEPs) to the forefront where they should be.
Whether it’s regulation or legislation, I think allowing open MEPs that just need one Form 5500 and don’t require commonality is going to happen. I’ve had many advisors and third party administrators in the past few weeks about it and seeking my guidance and the services I offer with plan document design and 3(16) administration services. I’m also considering dusting off an open MEP idea that didn’t work the first time thanks to that Department of Labor (DOL) advisory opinion from a few years back.
So if you’re a plan provider and have some questions on MEPs, you know where to reach me.