The U.S. Department of Labor (DOL) issued a final rule making it easier for small businesses to offer retirement benefits jointly through Association Retirement Plans (ARPs).
About 38 million private-sector employees in the United States do not have access to a retirement savings plan through their employers, according to the DOL. To address this problem, the rule (84 Fed. Reg. 37508, July 31, 2019) allows qualifying employers to band together to make workplace retirement savings an option for their employees.