A senior Prudential executive is calling upon the government to promote the development of multiple employer plans, which allows many small employers to pool their resources together under a single defined contribution plan.
The structure will help companies overcome many of the obstacles related to compliance and administration costs that keep many businesses from launching such plans for their employees, according to testimony presented yesterday by Prudential Retirement’s Jamie Kalamarides, senior vice president of Institutional Investment Products, during a U.S. Senate Special Committee on Aging hearing on the shortage of retirement savings plans among small businesses senior vice president of Institutional Investment Products.
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