DOL Sends PEP Item to OMB

The Department of Labor has released a prerule item titled “Pooled Employer Plans” (PEPs) to the Office of Management and Budget for review. According to an abstract of the rule, the action will explore the need for regulatory or other guidance regarding implementation of the ERISA amendments in section 101 of the SECURE Act. The project will also take into account section 344 of SECURE 2.0 which requires the Secretary to conduct a study on the PEP industry and submit to Congress a report of findings on the study and recommendations on how PEPs can be improved.