Small Business Owners Say Employees Financially Unprepared for Retirement

9:29 pm Estate Planning, Retirement Planning

risk e1322774892153 Small Business Owners Say Employees Financially Unprepared for RetirementA Harris Interactive research poll of 501 small business owners has found that 75 percent of these employers believe that their employees are financially unprepared for retirement – yet only one in five of these employers currently offer employees any type of employee self-funded retirement plan like a 401(k).

The poll, conducted on behalf of Nationwide Financial, also found that more than a third of small business owners say they face pressure to offer their employees a retirement plan.  More than three-fourths agree that having a retirement plan for employees is helpful in attracting qualified job candidates.

Most of the small business owners surveyed said they did not offer a retirement plan because it was too expensive, or because they believe their business is too small.

Nationwide conducted the poll in support of new legislation introduced in Congress that would allow small business owners to pool together to offer Multiple Small Employer Plans (MSEPs).  The legislation, known as the Small Businesses Add Value for Employees (SAVE) Act (H.B. 4742) would enable small employers to pool resources under a single plan, which would cut costs and administrative requirements.

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