Job Creators Network Applauds Executive Order Seeking to Expand Small Business Retirement Plans
Washington, DC (August 31, 2018) – President Trump’s executive order today requiring federal agencies to find ways to make it cheaper for small businesses to offer retirement benefits could make it possible for more American workers to save for the future, said the Job Creators Network today.
“This is another very good initiative for small businesses that want to offer more benefits to their workers but struggle with the administrative costs,” said Alfredo Ortiz, President and CEO of the organization.
Trump is expected to sign the order later this afternoon directing the Treasury and Department of Labor to write new rules making it easier for small businesses to form larger groups to offer retirement benefits. Small businesses can do so under current rules, but they are typically required to organize according to industry type.
“Earlier this year, the President expanded Association Health Plans (AHPs), allowing small businesses to form large groups to offer health insurance. This is the same concept for retirement benefits,” explained Ortiz. “It’s a very good strategy because it allows small businesses to create the same efficiencies that allow large corporations to offer generous benefits.”
Ortiz said that in a tight labor market, small businesses must compete aggressively to find good workers.
“It’s one of the biggest problems for small businesses,” said Ortiz. “Giving them one more way to attract and keep qualified workers makes them more competitive.”
For more information about the Job Creators Network, please visit www.jobcreatorsnetwork.com.