Small Businesses Laud Proposed Rule to Make Saving for Retirement Secure
Statement by John Arensmeyer, Founder & CEO of Small Business Majority, applauding the administration’s crack down on junk fees in retirement investments, which will help small businesses save more in retirement plans
“We are pleased the Biden-Harris Administration announced a new proposed rule that will address potential conflicts of interest in retirement investment advice and crack down on junk fees, which will help protect entrepreneurs, small businesses and their employees as they save for their futures.
We know from our research that small business owners and employees alike struggle to save for retirement. By addressing junk fees in retirement products and guaranteeing that retirement advisers are providing advice in the saver's best interest, we can ensure those in the small business ecosystem are putting more of their money toward their golden years. In particular, we’re glad the rule proposes changes that will require advisers to provide recommendations that are in the saver's best interest when working with small employers on their employer-sponsored plans.
We applaud the administration for taking steps to address this important issue for small business owners and their employees. We support the finalization of this rule and efforts to build transparency and fairness in the retirement savings industry.”
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About Small Business Majority
Small Business Majority is a national small business organization that empowers America's diverse entrepreneurs to build a thriving and equitable economy. We engage our network of more than 85,000 small businesses and 1,500 business and community organizations to advocate for public policy solutions and deliver resources to entrepreneurs that promote equitable small business growth. Our deep connections with the small business community along with our scientific research enable us to educate the public about key issues impacting America’s entrepreneurs, with a special focus on advancing the smallest businesses and those facing systemic inequalities. Learn more about us on our website and follow us on Twitter, Facebook and Instagram.