The Illinois Secure Choice Savings Program, signed into law January 2015, helps small businesses that struggle to offer retirement benefits to their employees and provide retirement security to the 2.5 million Illinoisans who do not have access to an employment-based retirement plan. Below is an overview of what small businesses need to know about the program.
The economy is improving, but Illinois small business owners and their employees are facing another financial hurdle: retirement security. The U.S. currently suffers from a retirement savings gap of more than $6 trillion, and more than 38 million households do not have any retirement savings at all. Illinois small business owners and their workers are no exception.
Scientific opinion polling found the majority of millennials who own a business or would like to start one at some point say student debt and a lack of retirement savings plan are barriers to entrepreneurship.
In every aspect of building a thriving society and economy—from addressing long-term unemployment to providing high quality jobs—American entrepreneurship represents a pathway to success, particularly among young Americans who struggled to get their foot in the door during the Great Recession...
A scientific opinion poll released by AARP and Small Business Majority shows a strong majority of California small business owners support the creation of a voluntary, portable retirement savings program that would allow employees to more easily save for their financial future. What's more, small business owners believe offering such a program to their employees would give their business a competitive edge.
Though the U.S. is slowly recovering from the effects of the Great Recession, Washington small business owners and their employees are facing another financial crisis: retirement security. A survey by the American Association of Retired Persons (AARP) found a quarter of residents between the ages of 45-64 in the Evergreen State have less than $25,000 in savings, and additional research found nearly three in five middle class workers in the state can expect to outlive their retirement savings. Washington small business owners and their workers are no exception.
Recent scientific opinion polling reveals small business and freelancers need more flexible retirement options. The poll found small employers struggle to offer retirement benefits, and are increasingly turning to independent workers to meet their needs. Additionally, small employers overwhelmingly support state-administered retirement savings plans and other policies that would make it easier for them to offer retirement benefits.
Ink Link Marketing has a unique approach to boosting the health and wellness of its employees. This includes monthly programs like “fitness-fat Friday,” where staffers are encouraged to come to the office in workout gear, exercise together and reward themselves afterward by visiting a local cupcake shop.
When it comes to employee benefits, the difference between working for a small business and a large corporation can be the difference between eating at a buffet and dining a la carte: neither are bad options, but one usually offers more choices than the other. Unfortunately, far too many lawmakers in Washington, D.C. fail to understand that small businesses often do not have the resources to offer a buffet of benefits, which can result in high employee turnover.
When it comes to employee benefits, the difference between working for a small business and a large corporation can be the difference between eating at a buffet and dining a la carte: neither are bad options, but one usually offers more choices than the other. Unfortunately, far too many lawmakers in Washington, D.C. fail to understand that small businesses often do not have the resources to offer a buffet of benefits, which can result in high employee turnover.
Copyright © 2006-2024 Small Business Majority, All rights reserved. Small Business Majority is a 501(C)(3) nonprofit organization.