U.S. Senator Mike Enzi, R-Wyo., praised President Donald Trump for signing an executive order today that would make several changes to expand and enhance retirement security for workers.
Enzi highlighted the potential creation of regulations that would make it easier for small businesses that are members of the same association to join together to offer retirement plans for their employees, but said Congress still has a role to play in allowing Open Multi Employer Plans (MEPs).
“Ensuring that we are helping Americans properly prepare for their retirement is a vital issue and I appreciate that President Trump is looking at strengthening efforts in this area,” Enzi said. “Making it easier for small employers to work together to provide 401(k)-type plans could make it easier for millions of Americans to save for their retirement. But the Administration can only go so far. Congress should continue to look at passing legislation, like the Retirement Enhancement and Savings Act. That would allow for full Open Multiple Employer Plans, which would allow a much larger swath of businesses to join together to help American workers prepare for the future.”
As the Chairman of the Senate Subcommittee on Primary Health and Retirement Security, Enzi has emphasized the potential retirement security benefits of Open MEPs, which would likely allow more types of businesses to joint together to provide retirement options.