Sen. Young, Secretary Acosta laud proposed retirement plans
Administrative proposals from the
"Only 14 percent of small businesses now offer retirement plans to employees," Acosta said.
He said many of the country's small business owners find it too costly or onerous to offer employees retirement plans, which have to be monitored and accounted and which can pose a risk of lawsuits. Small businesses employ about 47.5 percent of American workers.
Young said there are "approximately 40 million Americans [, nearly a third of private-sector workers,] who work but don't have access to a retirement security plan at work.
"So for our smaller businesses, the cost and litigation risk of setting up a new plan is often prohibitive for them to allow their employees to save more for their retirement."
Acosta said the
The associations would have responsibility for asset management, benefit payments, government and regulatory filings. Small business members could simply join the association retirement plan, Acosta said.
Young introduced the Retirement Security Flexibility Act with Senators
Under both Young's and the
The measures are needed as
"
Acosta said the proposed small business retirement plans provide "an alternative vehicle where, in addition to
"For a lot of Americans, putting a little money aside over a lifetime accumulates and can really make a massive difference, a significant difference in the quality of life come retirement," Acosta said.
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