Labor Department to Mull 401(k) Guidance to Expand Pooled Plans

The US Labor Department is exploring regulatory action that would boost participation in the kinds of pooled retirement options Congress established in 2019 to encourage more businesses to set up and sponsor workplace 401(k)s.

A working group of pooled plan providers will meet with employee benefits regulators as early as next month to discuss guidance the industry believes is necessary to eliminate implementation hurdles participating employers are facing, pooled plan providers said.

Roundtable discussions with stakeholders are part of a 2023 priority the Employee Benefits Security Administration announced this month to “explore areas where regulatory or other guidance would facilitate …