The Department of Labor (DOL) proposed a rule that set the registration requirements for a pooled plan provider for pooled employer plans, known as PEPs.
PEPs will be available starting Jan. 1. The SECURE Act stipulates that pooled plan providers must register with the Labor Department before opening up shop. The DOL believes that there will 3,200 entities that will initially register to serve as pooled plan providers.
The DOL proposed rule would create a new form — EBSA Form PR — for interested parties to submit.
The proposed rule would require an initial registration filing and supplemental filings to report any changes, information about each specific pooled employer plan before initiation of operations, and information on specified reportable events. It would also require a final filing once the last pooled employer plan has been terminated and ceased operations.
