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Will Multiple Employer Plans Help Close the Coverage Gap?

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  • Anqui Chen
  • Alicia H. Munnell

Abstract

To encourage small firms to adopt retirement plans, policymakers have made it easier to participate in Multiple Employer Plans (MEPs). MEPs involve less administrative burden and fiduciary responsibilities than a stand-alone plan, and – in theory – could be cheaper. But few firms know about MEPs, some fiduciary tasks remain, exiting a MEP may be difficult, and MEPs can make mergers and acquisitions harder. Also, it’s not clear that they do cost less, and any such assessment should consider employee – as well as employer – fees. Overall, while MEPs could be attractive, adoption may be slow due to unfamiliarity with the product and uncertainty over any cost advantage.

Suggested Citation

  • Anqui Chen & Alicia H. Munnell, 2024. "Will Multiple Employer Plans Help Close the Coverage Gap?," Issues in Brief ib2024-15, Center for Retirement Research.
    • Handle: RePEc:crr:issbrf:ib2024-15
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