December 21st, 2019

// Major Change to America’s Retirement System Offers Flexibility and Options for Small Businesses

Major Change to America’s Retirement System Offers Flexibility and Options for Small Businesses

 Bipartisan SECURE Act Approved by Both the House and Senate, Soon to Become Law; Biggest Change to America’s Retirement System in Over 10 YearsDALLAS, TX – Yesterday, the U.S. Senate passed a spending bill, expected to be signed into law by President Trump, which includes the SECURE Act, also known as the “Setting Every Community Up for Retirement Enhancement Act of 2019.”  Keith Hall, President and CEO the National Association for the Self-Employed (NASE), the nation’s leading advocate and resource for the self-employed and micro-businesses, applauded both the House and Senate for acting on the bipartisan measure representing the biggest change to America’s retirement system in over a decade.“With retirement security continuing to be a looming crisis for American families, including family owned small businesses, the bipartisan measure approved by Congress and headed to President Trump for signature into law will streamline and expand retirement savings opportunities for all Americans,” said Hall. “Small businesses often carry debt and stretched bottom lines to keep their operations afloat, but this major change to our retirement system offers them options to save more for their retirement at every income level and employment structure.”  The Trump Administration’s 2018 executive order opened multiple employer plans (MEPs) to small businesses and “expand(ed) access to workplace retirement savings plans for American workers.” The executive order would no longer require small businesses to have formal business ties and instead would allow small, independent employers to join together through MEPs to offer workers access to 401k retirement savings plans. Click here to read NASE’s statement on the 2018 executive order. “There are now many options and vehicles available to Americans who operate in various employment structures and income levels allowing them to save. With a changing workforce, the key to retirement savings is offering different options, more flexibility and innovative plans for millions of Americans – including the small business community. We continue to support ways to make it easier to save by removing barriers, reducing operating costs and requirements while incentivizing opportunities to invest in financial retirement,” concluded Hall.    Click here to view the Details on the SECURE Act’s Changes to America’s Retirement System 


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