Options and Flexibility Key to Unlocking Retirement Security for American Entrepreneurs and Small Businesses
As the U.S. House Passes SECURE Act, Small Biz Advocate Encourages Retirement Savings for All Americans Saying:
“Americans Just Have to Do It!”
DALLAS, TX – As the U.S. House passes the SECURE Act, also known as the “Setting Every Community Up for Retirement Enhancement Act of 2019,” Keith Hall, President and CEO of the National Association for the Self-Employed (NASE), the nation’s leading advocate and resource for the self-employed and micro-businesses, today warned of a “looming crisis” of retirement security and encouraged the federal government to “streamline and expand retirement savings opportunities”regardless of employment structure.
“Retirement security is a looming crisis for American families, including family owned small businesses,” said Hall. “A combination of mounting debt and break-even bottom lines has created an environment where saving for retirement too often takes a backseat in operating budgets of many Americans, including the small business community. To help make retirement savings a priority, we continue to support ways that both streamline and expand retirement savings opportunities for Americans 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.
“While last year’s executive order was a good start, there is no one, right way to save in America. We support all paths that make it easier for Americans, including small business owners, to save for retirement. The major challenge for retirement savings is simply encouraging Americans to start saving. Every effort making starting a retirement savings account simpler, incentivized and accessible, regardless of employment structure, is a positive step in the right direction.
“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 must continue to make it easier to save by removing barriers and reducing operating costs and requirements while incentivizing opportunities to save for retirement.”