Skip to main content

You are here

Advertisement

DOL Unveils Sample Pooled Plan Provider Registration Form

Regulatory Compliance

For those interested in getting a head start in registering as a pooled plan provider, the Department of Labor has released an informational version of the form and instructions. 

Unveiled by the DOL on Nov. 19, the sample provides a snapshot of the final Form PR and related instructions that will be used to report information for a person or entity that intends to serve as a PPP to pooled employer plans, as established by the SECURE Act. 

PPPs can start operating PEPs beginning on Jan. 1, 2021, but they must register electronically using the new Form PR before they can begin operations. The new electronic filing system will be available on Nov. 25, 2020 at https://www.efast.dol.gov/

Under the final registration requirements released Nov. 12, PPPs are required to register at least 30 days before beginning operations, but an exception is provided for the period Nov. 25, 2020 to Jan. 31, 2021. Consequently, the 30-day requirement is waived during that period—provided registration occurs no later than the start of the plan.

In general, the Form PR requires:

  • The legal business name and any trade name of such person, as well as the employer identification number (EIN), business mailing address and phone number of such person.
  • The address of any websites of the PPP or any affiliates to be used to market the PPP or to provide public information on the PEPs operated by the PPP.
  • The contact information for the responsible compliance official of the PPP. 
  • The agent for service of legal process for the PPP and the address at which process may be served on such agent.
  • The approximate date when pooled plan operations are expected to commence.
  • An identification of the administrative, investment, and fiduciary services that will be offered or provided in connection with the PEP by the PPP or an affiliate, including all persons who are treated as a single employer with the person intending to be a PPP who will provide services to PEPs sponsored by the PPP.  
  • A statement disclosing any ongoing federal or state criminal proceedings or convictions against the PPP, or any officer, director or employee of the PPP (a criminal conviction may be omitted if it is outside 10 years of the date of registration).
  • A statement disclosing any ongoing civil or administrative proceedings against the PPP or any officer, director or employee of the PPP involving a claim of fraud or dishonesty with respect to any employee benefit plan or involving the mismanagement of plan assets. 

The instructions further warn that a person or entity is not permitted to act as a PPP unless they electronically file and sign a registration statement in accordance with the instructions. Otherwise, they may be liable for breaches of fiduciary duty under ERISA and other state and federal law violations, including misrepresentation regarding status as a PPP. 

The DOL estimates that approximately 3,200 entities will initially register to serve as PPPs, with recordkeepers and plan administrators of existing DC plans most likely to enter the market first, followed by professional employer organizations, chambers of commerce and plan advisors.

Advertisement