Small businesses play a critical role in the U.S. workforce but often lack the resources to offer retirement benefits, putting them at a disadvantage in attracting and retaining employees. This fact sheet explores the barriers small businesses face in providing retirement savings options and highlights policy solutions—at both the federal and state levels—that can expand access to affordable, flexible retirement plans for small business owners and their workers.

On January 21, Senior Public Policy Director Awesta Sarkash sent a letter to Virginia House Appropriations Committee Chairman Torian in support of HB 176, State-facilitated IRA savings program. This legislation would lower the threshold for eligible employers with five or more employees so that they may participate in the program. This change to the program would ensure small businesses are able to attract and retain employees and offer benefits that larger companies already offer.

North Carolina is home to more than 1 million small businesses, employing 1.8 million people and accounting for 99.6% of all businesses in the state. They play a significant role in our state economy and workforce. However, national economic uncertainty coupled with an especially fast-changing business landscape has required small businesses to adapt, yet again.

Small Business Majority recently released its 2026 federal policy agenda, The Agenda for America’s Entrepreneurs, which outlines policies to empower small businesses to build a thriving and equitable economy.

Small Business Majority has created a comprehensive state policy agenda to ensure entrepreneurship is at the center of a thriving and inclusive economy in New York. It’s critical that state lawmakers enact short- and long-term policies to support and empower entrepreneurs by guaranteeing their access to capital, an infrastructure that can support their ability to offer quality jobs, and their ability to compete on a level-playing field. To achieve these goals, policymakers should consider the policy proposals outlined in our New York state policy agenda.

Illinois is home to more than 1.4 million small businesses, employing 2.4 million people and accounting for 99.6% of all businesses in the state.  They play a significant role in our state economy and workforce. However, national economic uncertainty coupled with an especially fast-changing business landscape has required small businesses to adapt, yet again. State governments must implement policies that address the new and historic burdens small businesses now face.