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Bill Would Allow 403(b) Open MEPs

403(b) Plans

Rep. Ron Kind (D-WI) has introduced legislation in the House of Representatives that would increase access to retirement savings for employees of nonprofit organizations that have 403(b) plans.

Kind’s “Savings for All Vocations Enhancement (SAVE) Act” legislation would:  

  • allow 403(b) plans to utilize open multiple employer plans (MEPs), which would allow 403(b) plans for workers from non-profits such as hospitals, school districts and churches to pool their retirement investments together, creating better opportunities and security for their retirement; 
  • rectify penalties that IRA holders can face by bringing them in line with 401(k) penalties; and
  • provide an incentive to owners of S-Corporations to convert to ESOPs.  

The bill is cosponsored by Reps. Mike Kelly (R-PA) and Jason Smith (R-MO). It seeks to “help more Americans better plan for retirement,” Kind said in an Oct. 16 press release. “Too many Wisconsinites find saving for retirement to be out of reach and confusing but these are commonsense steps to make retirement savings as easy and understandable as possible for everyone, no matter what they do.”