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EO 13847Executive OrderTrump 45 · R Quiet signal

Executive Order 13847

Strengthening Retirement Security in America

This executive order directs federal agencies to reduce regulatory barriers that discourage employers—especially small businesses—from offering workplace retirement plans. It specifically tasks the Departments of Labor and Treasury with examining and potentially rulemaking on multiple employer plans (MEPs), simplifying required retirement plan disclosures, and updating required minimum distribution tables to reflect longer life expectancies.

Federal Register Open PDF 83 FR 45321

Impact dates

  1. Labor Secretary completes disclosure review and considers proposing regulations/guidance

  2. Labor Secretary considers NPRM/guidance on ERISA 'employer' definition for MEPs

  3. Treasury Secretary considers proposing amendments on MEP tax qualification requirements

  4. Treasury Secretary examines and determines whether to update RMD life expectancy/distribution tables

Key directives

  • Secretary of Labor: examine policies to clarify/expand MEP sponsorship by employers, especially small/mid-sized businesses
  • Secretary of Labor: examine expanding retirement plan access for part-time workers, sole proprietors, working owners, and non-traditional workers
  • Secretary of Labor: within 180 days, consider NPRM/guidance clarifying 'employer' under ERISA section 3(5) for MEP purposes
  • Secretary of Treasury: within 180 days, consider proposing amendments on MEP tax qualification requirements under IRC
  • Secretary of Treasury: consult with Labor; Labor to facilitate implementation
  • Secretary of Labor: within 1 year, complete review of disclosure simplification, electronic delivery, and cost reduction; consider proposing regulations if action warranted
  • Secretary of Treasury: within 180 days, examine and determine whether to update RMD life expectancy tables for current mortality data and periodicity

Who is ordered

Timeline

Immediate

  • EO directs policy stance on retirement security; no immediate regulatory changes

Near term (90d)

  • Secretary of Labor to consider proposed rulemaking on MEP 'employer' definition under ERISA (by Feb 27, 2019)
  • Secretary of Treasury to consider proposing amendments on MEP tax qualification requirements (by Feb 27, 2019)
  • Secretary of Treasury to examine and determine whether to update life expectancy/distribution tables (by Feb 27, 2019)

Long term

  • Secretary of Labor to complete review of disclosure simplification and electronic delivery options, and consider proposing regulations if warranted (by Aug 31, 2019)
  • Potential downstream expansion of MEP availability and reduced administrative burdens if rulemaking proceeds
  • Possible periodic updates to required minimum distribution tables

Risks & tensions

  • All deadlines use 'consider' and 'examine' language—no mandatory rulemaking, creating implementation uncertainty
  • MEP expansion under ERISA could conflict with state-level auto-IRA programs; tension between federal preemption and state innovation
  • Electronic disclosure expansion may raise digital access equity concerns for older or low-income participants
  • RMD table updates that reduce withdrawal requirements could increase long-term tax-deferred asset accumulation, affecting federal revenue projections
Executive Order 13847: Strengthening Retirement Security in America · Executive Orders