What: On July 29, 2025, the Employee Benefits Security Administration (EBSA) published a Request for Information (RFI) seeking guidance on the varied and inconclusive responses to the 2020 multiple employer plan (MEP) RFI. The information and guidance received from this RFI will further assist EBSA in developing its report to Congress on how pooled employer plans (PEP) can be improved through legislation to serve and protect retirement plan participants.
Why: EBSA’s RFI solicits commenters to recommend improvements to plan data collection and public reporting that would facilitate more accurate monitoring and evaluation of the PEP market. Specifically, the RFI also seeks responses to the following:
- What are the range of investment options provided in PEPs, both in terms of the number and type of investments, without regard to the amount of assets invested in each, and excluding investments available through a brokerage window or similar arrangement?
- What types of fees are assessed in PEPs and what is the range of the amount of such fees?
- How do employers select a PEP? Do they tend to use third parties to assist in the selection process? How do employers monitor PEPs? Specifically, which aspects of PEPs are periodically reviewed? How often do employers conduct reviews of the PEPs they have joined?
- What disclosures are provided to participants in PEPs? Are they generally the same disclosures that are required to be disclosed under ERISA to participants in other defined contribution plans? Responses to the August 2023 RFI stated that disclosures to PEP participants should not be any different than disclosures in other defined contribution plans. Do those responses represent the current view of the public?
Action: Review EBSA’s RFI currently published in the Federal Register and submit comments by September 29, 2025.
PROPOSED RULE:
Pooled Employer Plans: Big Plans for Small Businesses
CONTACT:
Will Purcell
EMAIL:
TOPIC(S):
Is your small business or entity being negatively impacted by a proposed rule? If yes, write a comment letter to the proposing agency.