Two bills aimed at making it easier for small businesses to offer retirement plans have been introduced in the Senate.
Sens. John Hickenlooper, D-Colo., and Susan Collins, R-Maine, introduced the Simplifying Small Business Retirement Savings Act, which would expand the marketplace for pooled employer plans, or PEPs. The bill, introduced May 5, would allow companies administering PEPs to have the option of using discretionary trustees — trustees named in a plan document that have “exclusive authority and discretion over the management and control of plan assets” under the Employee Retirement Income Security Act — or directed trustees, who are