Will Multiple Employer Plans Help Close the Coverage Gap?

Anqui Chen and Alicia H. Munnell

Issues in Brief from Center for Retirement Research

Abstract: To encourage small firms to adopt retirement plans, policymakers have made it easier to participate in Multiple Employer Plans (MEPs). MEPs involve less administrative burden and fiduciary responsibilities than a stand-alone plan, and – in theory – could be cheaper. But few firms know about MEPs, some fiduciary tasks remain, exiting a MEP may be difficult, and MEPs can make mergers and acquisitions harder. Also, it’s not clear that they do cost less, and any such assessment should consider employee – as well as employer – fees. Overall, while MEPs could be attractive, adoption may be slow due to unfamiliarity with the product and uncertainty over any cost advantage.

Pages: 7 pages
Date: 2024-07
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