On August 13, Small Business Majority submitted a letter to California Governor Newsom in support of Senate Bill 1126, which will enable the CalSavers Retirement Savings Program to achieve its mission of ensuring all Californians have a path to financial security in retirement.
The CalSavers Retirement Savings Program is a portable workplace retirement savings program for private sector workers whose employers do not have a retirement savings program. CalSavers is run by the state and funded by modest employee contributions, so it involves minimal requirements for employers.
Today, John Arensmeyer testified before the U.S. Senate Committee on Small Business & Entrepreneurship at a hearing, "The Small Business Workforce Challenge: Causes, Impacts, and Solutions." More than two years into the pandemic, small businesses are slowly rebuilding but need a vibrant stable workforce to fully recover. Entrepreneurs, especially those in under-resourced communities, need an array of support to address labor shortages and ensure employees are able to come back to the workforce. Mr.
Today, Small Business Majority submitted a letter of support for HB 205, which would establish the Delaware Expanding Access for Retirement and Necessary Saving (“EARNS”) program. The program would allow eligible employees to provide, on a voluntary basis, access to retirement savings through a state-facilitated retirement savings program in a convenient, cost effective, and portable manner.
Wisconsin is in trouble when it comes to retirement security. Even before the COVID-19 pandemic, our retirement system was not working for a significant number of Wisconsin workers and small businesses. The landscape of retirement benefits has changed in recent decades. Businesses have moved away from pensions that were automatic and managed by employers to defined contribution plans that are voluntary and self-directed by workers. In 1983, 62% of employees were covered by a traditional pension plan.
As a small business owner, we know you wear many hats—from running the day-to-day operations of your business, to managing employees, building a brand and much more. One thing many entrepreneurs feel unequipped to deal with while starting or running a business is how to handle business finances and maintain a healthy workforce.
In a letter to New Mexico Governor Michelle Lujan Grisham, John Arensmeyer, Founder and CEO, urged support for the New Mexico Work and $ave legislative proposal sponsored by Senator Bill Tallman and Representative Linda Serrato. The legislation contains narrowly crafted, essential changes requiring a limited number of New Mexico employers to auto-enroll their workers—a requirement in every other state implementing these state-facilitated programs.
This year, we continued to educate small business owners and entrepreneurs about important resources, funding options, policy updates and more that could help their businesses recover from the ongoing pandemic and become more resilient. Over the course of the year, we hosted and participated in more than 430 events, partnering with more than 300 organizations and stakeholders. These events garnered more than 20,000 event registrants and indirectly reached 150,000 individuals.
Today, John Arensmeyer submitted a letter of support for the proposed Automatic-IRA program as part of the reconciliation package. In addition, the letter offers recommendations on how to enhance the legislation to best support small businesses in all states.
Small Business Majority wrote to Illinois Governor Pritzker in support of HB117, a measure that would expand Illinois Secure Choice so that employers with at least five or more employees may participate and auto-enroll their employees. This is an important step to supporting very small businesses and their employees who are unable to access traditional retirement programs, particularly those who have been impacted by the COVID-19 pandemic.