Washington, DC (July 29, 2019) – Today, the Labor Department announced a new rule that will expand so-called “multiple-employer plans,” make it easier for small businesses to band together to create joint 401(k) retirement plans for their workers.
This is a big win for the small business community, which until now has been unfairly restricted in its ability to offer 401(k) retirement plans for their employees. With small businesses creating two out of three new jobs, having strong retirement options for the 90 million Americans who work at or own a small business is critical. The Trump Administration projects that millions of employees will be helped by this new rule, with most of those employees working at small businesses. It’s a credit to the Administration that they are keeping the pedal to the metal on pro-growth policies, putting millions of Americans in a better position to save for their retirement.