Don’t you love it when a good plan finally comes together?
Some good things take time, but when hard work and well thought out plans finally come to fruition, the payoff can be so sweet.
Today, bipartisan legislation was introduced into the US House and Senate on the aggregate model as was originally created and implemented by TAG Resources. We’re making progress, my friends!
Back in 2014, I had the privilege of speaking to the DOL on the merits (and means) of fiduciary outsourcing. MEPs were, and are still are, a hot topic. Even today you can hear an ongoing discussion of bringing back our Open MEP. I argued, however, that a simple amendment to the 5500 would afford the same benefits to people and it would be MUCH EASIER. A little patience, and voila— some good news for all of us today.
Don’t get me wrong, if you know us at TAG Resources — even in passing — you know my company loves MEPs. But what I proposed as a work around was centering a MEP-like structure around a Plan Administrator; allowing the 5500 to be filed by that fiduciary on behalf of the group required far less legislative changes.
For you fellow information junkies, here is a copy of that testimony: Troy Tisue, DOL Statement; Hearing on Outsourcing Employment Benefit Plan Services. And, click here to request a copy of the comments we submitted separately to the DOL and the Finance committee.
A special thank you to these good people for their hard work:
- Mark R. Warner (D-VA), a member of the Senate Finance Committee
- Susan Collins (R-ME), who chairs the Senate Special Committee on Aging
- Linda Sánchez (D-CA), a member of the Committee on Ways & Means
- Phil Roe (R-TN), a member of the Committee on Education and the Workforce.