Strengthening Retirement Security in America
Expands Access to Workplace Retirement Plans for American Workers
What it does
Federal agencies must review and revise rules and guidance to expand access to multiple employer plans, simplify disclosures, and consider updating distribution tables.
Real-world impact
- Makes it easier for small businesses to join shared retirement plans.
- Reduces paperwork and disclosure costs for employers and plan administrators.
- May change required withdrawal rules by updating life-expectancy tables.
Topics
Summary
This order directs federal agencies to expand access to workplace retirement plans for American workers. It emphasizes encouraging shared plans between employers (called multiple employer plans), cutting disclosure costs, and removing regulatory barriers that discourage small businesses from offering plans.
The Labor and Treasury Departments are told to consider guidance or rule changes and to review life-expectancy tables used for required minimum distributions. The stated purpose is to make retirement saving easier and more affordable, especially for small-business employees and part-time workers.
Questions, answered
Ask questions about this executive order and its implications. Try:
- “What agencies are affected by this order?”
- “How does this order change existing policy?”
- “What are the practical implications of this order?”