Apparently, a multiple employer plan sponsored by the Commonwealth of Massachusetts just awaits Gov. Patrick’s signature into law in order to be implemented.
While any retirement plan that promises to cover more employees and act as a cost effective plan for unaffiliated, small employers, there are two issues for me.
While I am a big fan of multiple employer plans (MEPs) where it makes sense for employers, does the Commonwealth of Massachusetts have any idea on how to run a plan that is governed by ERISA (governmental plans don’t have that coverage)? Last but not least, should employers adopt a retirement plan sponsored by the same folks who run the DMV office or oversaw the Big Dig? Just asking.