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Things I Worry About (27): Pooled Employer Plans and DOL RFI (8)


DOL, fiduciary, prohibited transaction
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Key Takeaways

  • The DOL has issued guidance about PEPs—pooled employer plans—that includes questions designed to assist the DOL in developing future guidance about PEPs.
  • Some of those questions suggest that the DOL is concerned about conflicts of interest in the organization and management of PEPs.
  • This article continues a discussion of the questions asked by the DOL and my comments on those questions and issues. In particular, this article covers conflicts of interest questions raised by the DOL.
  • While the DOL questions are for future guidance, advisors and providers should be paying attention to the DOL’s questions because, among other reasons, some current practices may be disfavored by the DOL.

This series of articles examines the DOL’s July 29, 2025, release that includes interpretative guidance on PEPs, solicits information about PEP practices, includes tips for selecting PEPs, and discusses a possible fiduciary safe harbor for adopting PEPs. 2025-14281.pdf (SECURED).

The first two articles in this series,  Things I Worry About (20) and Things I Worry About (21), discussed some of the DOL’s findings when it reviewed the 2023 Forms 5500 filed by PEPs.

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Things I Worry About (26): Pooled Employer Plans and DOL RFI (7)


DOL, fiduciary
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Key Takeaways

  • The DOL has issued guidance about PEPs—pooled employer plans—that includes questions designed to assist the DOL in developing future guidance about PEPs.
  • Some of those questions suggest a possible fiduciary safe harbor for small employers who adopt PEPs.
  • This article continues a discussion of the questions asked by the DOL and my comments on those questions and issues. In particular, this article covers some of the “safe harbor” questions raised by the DOL.
  • While the DOL questions are for future guidance, advisors and providers should be paying attention because, among other reasons, some current practices may be disfavored by the DOL.

This series of articles examines the DOL’s July 29, 2025, release that includes interpretative guidance on PEPs, solicits information about PEP practices, includes tips for selecting PEPs, and discusses a possible fiduciary safe harbor for adopting PEPs. 2025-14281.pdf (SECURED).

The first two articles in this series,  Things I Worry About (20) and Things I Worry About (21), discussed some of the DOL’s findings when it reviewed the 2023 Forms 5500 filed by PEPs.

The third, fourth and fifth articles, Things I Worry About (22), Things I Worry About (23), and Things I Worry About (24), reviewed issues identified by the DOL for employers who may be deciding whether to join a PEP.

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Things I Worry About (25): Pooled Employer Plans and DOL RFI (6)


DOL, fiduciary
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Key Takeaways

  • The DOL has issued guidance about PEPs—pooled employer plans—that includes questions designed to assist the DOL in developing future guidance about PEPs.
  • Some of those questions suggest a possible fiduciary safe harbor for small employers who adopt PEPs.
  • This article begins a discussion of the questions asked by the DOL and my comments on those questions and issues. In particular, this article covers some of the “safe harbor” inquiries. The remaining DOL safe harbor questions will be discussed in my next article.
  • While the DOL inquiries are for future guidance, advisors and providers should be paying attention because, among other reasons, some current practices appear to be disfavored by the DOL.

This series of articles examines the DOL’s July 29, 2025, release that includes interpretative guidance on PEPs, solicits information about PEP practices, includes tips for selecting PEPs, and discusses a possible fiduciary safe harbor for adopting PEPs. 2025-14281.pdf (SECURED).

The first two articles in this series,  Things I Worry About (20) and Things I Worry About (21), discussed some of the DOL’s findings when it reviewed the 2023 Forms 5500 filed by PEPs.

The third, fourth and fifth articles, Things I Worry About (22), Things I Worry About (23), and Things I Worry About 24, reviewed issues identified by the DOL for deciding whether to join a PEP.

This article begins a series about the part of the guidance that was an RFI, where the DOL is soliciting information that would be helpful for future guidance. I quote and then discuss the questions that are the most interesting and relevant to employers and service providers.

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Things I Worry About (24): Pooled Employer Plans and DOL RFI (5)


DOL
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Key Takeaways

  • The DOL has issued guidance about PEPs—pooled employer plans—that provides tips for adopting employers and questions about PEPs and that suggests a possible fiduciary safe harbor for small employers who adopt PEPs.
  • This article continues a discussion of the questions that the DOL says that employers should ask when considering adopting a PEP for their employees. The questions covered in this article are 7 through 9, which deal with fees and costs, investments and scope of fiduciary responsibility.
  • Both advisors and employers should consider the DOL Tips when considering PEPs and, if a PEP would be a good choice, which one is a good fit for the employer.

This series of articles examines the DOL’s July 29, 2025, release that includes interpretative guidance on PEPs, solicits information about PEP practices, includes tips for selecting PEPs, and discusses a possible fiduciary safe harbor for adopting PEPs. 2025-14281.pdf (SECURED).

The first two articles in this series,  Things I Worry About (20) and Things I Worry About (21), discussed some of the DOL’s findings when it reviewed the 2023 Forms 5500 filed by PEPs. The third and fourth articles, Things I Worry About (22) and Things I Worry About (23), started the review of issues identified by the DOL for deciding whether to join a PEP.

This is the third article about the questions that the DOL suggested employers ask when adopting PEPs. That section—entitled “Fiduciary Tips for Small Employers Selecting a PEP”—posed nine questions that employers should ask. This article covers the remaining DOL questions and comments, as well as my comments.

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Things I Worry About (23): Pooled Employer Plans and DOL RFI (4)


DOL
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Key Takeaways

  • The DOL has issued guidance about PEPs—pooled employer plans—that provides tips for adopting employers and questions about PEPs and that suggests a possible fiduciary safe harbor for small employers who adopt PEPs.
  • This article continues a discussion of the questions that the DOL says that employers should ask when considering adopting a PEP for their employees. The questions covered in this article are 4 through 6, which deal with fees and costs, investments and scope of fiduciary responsibility.
  • Both advisors and employers should consider the DOL Tips when deciding whether to join a PEP and, if so, which one.

This series of articles examines the DOL’s July 29, 2025, release that includes interpretative guidance on PEPs, solicits information about PEP practices, includes tips for selecting PEPs, and discusses a possible fiduciary safe harbor for adopting PEPs. 2025-14281.pdf (SECURED).

The first two articles in this series,  Things I Worry About (20) and Things I Worry About (21), discussed some of the DOL’s findings when it reviewed the 2023 Forms 5500 filed by PEPs. The third article, Things I Worry About (22), started the review of issues identified by the DOL for deciding whether to join a PEP.

This is the second in a series of articles about the questions that the DOL suggested employers ask when adopting PEPs. That section—entitled “Fiduciary Tips for Small Employers Selecting a PEP”—posed nine questions that employers should ask. My last article, Things I Worry About (22), covered the first three questions. This article and my next one cover the remaining DOL questions and comments, as well as my comments.

Continue reading Things I Worry About (23): Pooled Employer Plans and DOL RFI (4) →

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