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Ending Federal Rule Permitting States to Establish Private Sector Retirement Accounts Would Hurt Small Businesses

For Immediate Release: 
Tuesday, 14 February, 2017

With the U.S. House of Representatives considering resolutions this week that would overturn the U.S. Department of Labor’s rule that makes it easier for states to establish retirement savings plans for private sector workers, Small Business Majority Founder & CEO John Arensmeyer is available to discuss how that proposal might impact small businesses.

“If the U.S. House of Representatives approves HJR 66 and HJR 67, it would do significant harm to small businesses,” said Founder & CEO John Arensmeyer. “Striking down this rule would have a chilling effect on states that are setting up their own retirement savings programs, which would be especially problematic for small employers, given that a majority are unable to offer retirement plans due to a variety of barriers. We strongly believe states should be allowed to decide whether to implement these types of programs and how best to administer them in order to serve small businesses and employees who struggle to save for retirement.

Small employers need retirement savings options for their employees that make sense for their business and their bottom line. State-administered retirement savings programs can help many small business employees better save for their futures. That is why we urge lawmakers to uphold the Labor Department’s rule and allow states to decide how best to serve their small businesses and private sector workers.”

(Click here to read our letter to the U.S. House of Representatives on this topic).

TO REQUEST AN INTERVIEW: Contact Simon Brown, Media Relations Manager for Small Business Majority: (202) 535-3229 or sbrown@smallbusinessmajority.org.

 

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Small Business Majority was founded and is run by small business owners to focus on solving the biggest problems facing small businesses today. Since 2005, we have actively engaged small business owners and policymakers in support of public policy solutions, and have delivered information and resources to entrepreneurs that promote small business growth and drive a strong economy. We regularly engage our network of 55,000 small business owners along with a formal strategic partnership program of more than 150 business organizations, enabling us to reach more than 500,000 entrepreneurs. Our extensive scientific polling, focus groups and economic research help us educate and inform policymakers, the media and other stakeholders about key issues impacting small businesses and freelancers, including access to capital, taxes, healthcare, retirement, entrepreneurship and workforce development. Learn more about us on our website and follow us on Twitter, Facebook and Instagram.

Topic: 
Retirement