Launch of National Retirement Savings Program Will Remove Barriers to Retirement Savings for Small Businesses
Statement by John Arensmeyer, Founder & CEO of Small Business Majority, on the U.S. Department of Treasury's national launch of myRA, a starter retirement account program that will help more small businesses and employees save for the future
The U.S. Department of Treasury launched the myRA retirement savings program nationwide today, which will help more small business owners and employees plan for the future, and allow small businesses that previously could not afford to offer retirement savings plans to provide this benefit to their workforce.
The myRA program provides a convenient option for small businesses interested in offering retirement savings to their employees. There is no required employer match or contribution, and the Treasury Department will handle all account set-up and maintenance. This provides an easy and affordable option for small employers that want to offer a retirement savings benefit to their employees but have been unable to do so due to cost or other obstacles.
Our opinion polling found small business owners struggle to offer retirement savings programs due to a number of barriers, but they want to offer this benefit to their employees because it helps them attract and retain talent. What's more, the majority of small businesses are concerned their employees will not have enough saved for the future.
Additionally, policies like these help level the playing field between small businesses that want to offer retirement benefits but can't, and their larger counterparts that can. This helps small businesses compete for the best employees, and gives employers peace of mind that they are doing what's best for their workers.
We're glad the Treasury Department has launched this program nationwide to help small businesses and their employees better prepare for retirement.
About Small Business Majority
Small Business Majority is a national small business advocacy organization, founded and run by small business owners to focus on solving the biggest problems facing America's 28 million 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, sustainable economy. We are a team of more than 30 working from our 11 offices in Washington, D.C. and 9 states, with a network of more than 45,000 small business owners and more than 2,000 business organizations, along with a formal strategic partnership program of more than 125 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 issues including taxes, healthcare, access to capital, entrepreneurship, workforce development, clean energy and immigration. Learn more about us on our website and follow us on Twitter, Facebook and Instagram.