Press Releases

Today, House Education and Labor, Health, Employment, Labor, and Pensions (HELP) Subcommittee Chair Mark DeSaulnier (D-CA-11) and Ranking Member Rick W. Allen (R-GA-12) released the following joint statement after introducing H.R. 6912, the bipartisan Pooled Employer Plan (PEP) Fix Act:

“Pooled employer plans (PEPs) allow employers from completely unrelated fields to band together in a single retirement plan – and are one of the most recent innovative solutions to enable smaller businesses to achieve the economies of scale to offer the same type of retirement opportunities as larger employers. However, current law hamstrings fiduciaries from managing the responsibility of collecting contributions from participating employers. Our bill is a simple fix to existing law that will have a huge impact for American workers and their families who utilize PEPs to save for their future.”

Full bill text is available here.

Background:
This legislative fix was also included in H.R. 5891, the bipartisan Retirement Improvement and Savings Enhancement (RISE) Act, introduced by both Congressmen Allen and DeSaulnier, which was approved unanimously by voice vote by the House Education and Labor Committee on November 10, 2021.