- Expanding access to retirement plans is critical to helping workers prepare for the future.
- Advisors and small business owners need a voice in Washington.
- The SECURE Act made it easier for small businesses to offer retirement plans.
Being summoned to the IRS building would create nervous anticipation for most people — and Deb Rubin was no exception.
In her role as Vice President and Managing Director of TPA and Special Markets for Transamerica, Rubin was asked to share her knowledge and opinions as the IRS considered modifying compliance rules associated with multiple employer plans (MEPs).
“On the way to the IRS, I thought about how proud I am to work in this industry and about how what we do makes a difference in the lives of average Americans,” Rubin said. “My first experience testifying was educational, interesting, and inspiring — after the nerves faded!”
Influence inside the Beltway
Rubin’s testimony was the latest example of how Transamerica helps shape policy and legislation to expand access to retirement plans for American workers. Less than two weeks after her December 2019 appearance at IRS headquarters, the Setting Every Community Up for Retirement Enhancement (SECURE) Act was passed into law.
The SECURE Act is the most comprehensive piece of retirement plan legislation in 14 years, and Transamerica worked closely with Congress to craft provisions allowing more small businesses to offer affordable, effective retirement plans through open MEPs. Previously, only businesses with a common interest could pool assets through an MEP.
“Deb Rubin was a star at the IRS hearing,” said Kent Mason, who testified on behalf of the American Benefits Council. “It was clear to me that the IRS and Treasury panel recognized that Deb actually had hands‐on MEP business experience.”
Pushing for fairness
The SECURE Act ultimately eliminated the “bad apple rule” associated with MEPs. Considered unfairly harsh, the rule called for the potential disqualification of an entire MEP if one of its adopting employers violated tax qualification rules. Though removing an employer from an MEP is rare, the threat of disqualification could prevent small business owners from joining an MEP in the first place.
“Deb’s testimony on behalf of Transamerica and Kent’s testimony on behalf of the American Benefits Council were great examples of how providing policy‐based, constructive feedback to our regulators may result in better regulatory outcomes,” said Sean Cassidy, Transamerica’s Senior Director of Government Relations.Things to Consider:
- Transamerica is a pioneer in administering multiple employer plans.
- MEPs can offer an affordable solution for small businesses.
- Explore how Transamerica can help your clients offer a retirement plan.
Deb Rubin is a registered representative for Transamerica Investors Securities Corporation (TISC), member FINRA, 440 Mamaroneck Avenue, Harrison, NY 10528. All Transamerica companies identified are affiliated, but are not affiliated with the American Benefits Council.
Transamerica Resources, Inc. is an Aegon company and is affiliated with various companies which include, but are not limited to, insurance companies and broker dealers. Transamerica Resources, Inc. does not offer insurance products or securities. The information provided is for educational purposes only and should not be construed as, medical, insurance, securities, tax, legal or financial advice or guidance. Please consult your personal independent advisors for answers to your specific questions.