Association Retirement Plan (ARP) Update – A Message from Mary Beth Sewald, President and CEO
I am excited to let you know that the Las Vegas Metro Chamber of Commerce announced on July 30, 2019 that it will offer an Association Retirement Plan (ARP) to help our small business members access more affordable and robust 401(k) investment options. The announcement comes after the US Department of Labor (DOL) issued regulations governing ARPs earlier this week.
The Metro Chamber will be among the first associations (and likely the very first) in the United States to offer an ARP. It has been working with the DOL, as well as retirement plan experts, to establish a robust ARP to help you provide high-quality retirement plan choices. The plan will be ready for enrollment this fall.
Currently, small businesses are often limited by retirement plan choices and incur higher administrative fees because they don’t have the buying power of a larger company. The new ARP rule, which takes effect on Sept. 29, allows multiple small employers to pool their assets. By joining together through the Las Vegas Chamber ARP, small businesses will be able to attract a better deal from investment advisors as well as enjoy lower fees.
Another benefit of the Las Vegas Chamber ARP is that members that utilize the plan do not need to worry about many of the administrative duties, such as IRS filings, as these functions will be handled on behalf of employers by the association.
Metro Chamber Chairman Terry Shirey announced in his installation speech in December 2018 that the Chamber intended to establish an ARP to give its members more robust and affordable retirement plan options to help their employees save for their future. This is another great Chamber benefit to deliver meaningful value to your business.
A reception introducing the Las Vegas Chamber ARP and provider will be scheduled for late August. It will be an opportunity for you to learn about the ARP and ask questions about how the plan will help your business and employees.
We will keep you up-to-date once a provider is selected, the plan details are introduced, and the reception date is set. In the meantime, please let me know if you have any questions.CONNECT WITH US ON ASSOCIATION RETIREMENT PLANS