Millions of additional Americans would have access to work-sponsored retirement plans under a Labor Department rule to be placed in the Federal Register on Monday, senior department officials told The Daily Signal.
Association retirement plans will expand access to 401(k) plans to employees of small businesses who currently don’t have a retirement plan, as well as to self-employed people, the officials said.
Allowing multiple employers to join forces to offer a retirement plan for employees is similar to the Labor Department’s rule on association health plans that increased access to health insurance plans.
Two types of organizations could establish such a 401(k) plan—a professional industry organization, such as the National Restaurant Association, or a regional or local group, such as a municipal or county chamber of commerce.
Read the full story from The Daily Signal
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