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Regulations

Labor Department sends OMB rule changes proposal for open multiple employer plans

The Department of Labor took the first step toward executing a White House order to expand the use of open multiple employer plans on Sunday, asking the Office of Management and Budget to review a proposed rule changing the definition of an employer.

OMB's review is required before the Department of Labor formally issues a proposed rule, but there is no legal deadline for that process. Proposal specifics were not released.

On Aug. 31, President Donald Trump signed an executive order directing officials at the departments of Labor and Treasury to expand retirement savings options by revisiting existing rules on multiple employer plans, which require that employers share a common connection, among other limitations.