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DOL Proposal Can Help Small Employers Offer Retirement Plans, But Risks Remain

October 25, 2018

Via: HR Hero
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The U.S. Department of Labor (DOL) is proposing a mechanism to help small businesses offer retirement plans to their employees, but although the proposal may ease the way for some employers, it doesn’t eliminate all complications.

The DOL announced a Notice of Proposed Rulemaking (NPRM) on October 22 intended to help small businesses offer retirement savings plans through “association retirement plans,” which would allow small businesses to join together to offer 401(k) plans to their employees. In announcing the proposal, Labor Secretary Alexander Acosta said the plans would provide “a simple and less burdensome way” for employers to offer retirement benefits.

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