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04 February 2016

White House support for multiple employer plans shows adoption may be imminent

Photo of Jamie Kalamarides
Jamie Kalamarides says multiple employer plans can help solve the retirement coverage gap.

Last month President Obama announced a series of new retirement proposals that he plans to include in his fiscal 2017 budget, including legislation that will make it easier for small companies to pool their retirement plans to lower expenses through multiple employer plans. A few days later, Jamie Kalamarides, head of Institutional Investment Solutions for Prudential Retirement, was called to testify at a U.S. Senate Committee on Finance hearing on the importance of multiple employer plans in expanding access to retirement coverage for Americans.

"Prudential has long been concerned about the retirement coverage gap that disproportionately affects employees in many of today’s small businesses," Kalamarides said during the hearing. "Multiple employer plans can help solve this gap."

In recent years, multiple employer plans have gained bipartisan support in both the Senate and House of Representatives, as well as from the U.S. Chamber of Commerce, AARP, affinity groups and the financial services industry.

"And now with support from the White House, it’s clear that the industry has moved the needle and the passing of multiple employer plans legislation may be imminent," Kalamarides said.

In addition to multiple employer plans, Kalamarides also championed a variety of other retirement solutions that he believes can enhance retirement plan participation and savings rates. For example, he stressed the importance of enhancing retirement savings by offering lower income earners a Saver’s Credit to encourage them to save for retirement. 
Want to speak with Jamie? Contact Josh Stoffregen. Want to read Jamie's testimony? Visit the U.S. Senate Committee on Finance website

Josh Stoffregen
phone: 973-802-3996
mobile: 973-204-2540
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