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White House retirement security announcement expected Friday

President Donald Trump

Donald Trump expected to expand use of multiple employer plans

President Donald Trump is scheduled to sign an executive order on retirement security Friday in Charlotte, N.C.

The White House said Mr. Trump will speak around 2 p.m. at Central Piedmont Community College and sign an executive order "strengthening retirement security in America," and expanding access to workplace retirement savings plans.

According to several sources, the order is expected to include promoting open multiple employer plans, which would allow unrelated businesses access to professionally managed retirement accounts for their workers. Currently, businesses using MEPs must share a common purpose or profession.

Several legislative proposals in Congress also address ways to encourage multiple employer plans, including allowing them to be offered by private providers.

Mr. Trump will be accompanied by Labor Secretary Alexander Acosta and Linda McMahon, administrator of the Small Business Administration.