S 1011
A bill to amend the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974 to modify the requirements for multiple employer plans, and for other purposes.
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Bill overview
This bill amends the Internal Revenue Code and the Employee Retirement Income Security Act to modify the rules for multiple employer plans, particularly those using pooled plan providers. It clarifies qualification requirements for these plans, addressing situations where employers have a common interest but not necessarily control. The bill also introduces a limitation on employer liability for these plans, allowing employers to be relieved of fiduciary responsibility if certain conditions are met, such as selecting a registered pooled employer plan and ensuring reasonable compensation to the provider. Finally, it establishes a process for identifying and listing qualified pooled employer plans on a Department of Labor website.
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Primary sponsor
Cosponsors
Doug Jones
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