In news that was far from earth-shattering, The Department of Labor (DOL) announced a final rule today that reiterated the proposed rule on multiple employer plans (MEPs) – and an RFI that seeks more information on “open” MEPs.
The final rule reiterates the proposed rule that requires commonality between adopting employers, just a reiteration of the DOL’s viewpoint in their 2012 Advisory Opinion on the TAG Advantage Plan. They have requested an RFI on open MEPs which have no commonality between adopting employers.
For 7 years now, the DOL has punted the ball and have not opined on what open MEP could constitute as a single plan because they seriously don’t like the concept and are more likely not going to offer new regulations until Congress finally passes some MEP relief, whether it will be the Secure Act or some other legislation.
So while the Final Rule isn’t fake news, it’s just not earth-shattering news.
