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June 17, 2020 at 11:44 AM
Labor Department headquarters in Washington. (Photo: Mike Scarcella/ALM)
The Labor Department issued Wednesday a request for information on prohibited transactions involving Pooled Employer Plans, or PEPs, under the Setting Every Community Up for Retirement Enhancement (Secure) Act and other multiple-employer plans.
Labor’s Employee Benefits Security Administration will use the information provided in the RFI to decide whether to propose a new prohibited transaction class exemption.
Labor states that it’s seeking feedback on the possible parties, business models and conflicts of interest that respondents anticipate will be involved in the formation and ongoing operation of PEPs — multiple-employer retirement plans among employers that share no common interest.
The RFI also seeks information on similar issues involving multiple-employer plans sponsored by employer groups or associations or professional employer organizations.
A 30-day comment period will begin upon publication of the RFI in the Federal Register.
