Definition of 'Employer' Under Section 3(5) of ERISA-Association Retirement Plans and Other Multiple-Employer Plans

Summary

The U.S. Department of Labor has issued a final regulation expanding access to affordable retirement savings options by clarifying the circumstances under which employer groups, associations, and professional employer organizations (PEOs) can sponsor multiple employer workplace retirement plans under the Employee Retirement Income Security Act (ERISA). This allows different businesses to join a plan, either through a group or association or through a PEO, and permits certain working owners without employees to participate in a defined contribution retirement plan.