PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

SBE Council Applauds President’s Action to Help Small Businesses Provide Retirement Plans for their Workforce

By at 31 August, 2018, 3:00 pm

NEWS

For Immediate Release

Association Retirement Plans (ARP’s) Will Help Workers, and Help Small Businesses Compete and Grow

Washington, D.C. – Today, President Donald Trump signed an Executive Order that would make it more affordable, efficient and simpler for small businesses to provide retirement plans for their employees. Small Business & Entrepreneurship Council (SBE Council) president & CEO Karen Kerrigan responded very positively to the executive order.

“Offering retirement plans can be cumbersome and small business owners need solutions that will help them provide this benefit to their employees. The executive order signed by President Trump today is an important step that aims to help small business owners help their employees with retirement planning and savings. Being able to offer this benefit will also help small firms compete with larger businesses in attracting and retaining the employees they need to scale their businesses and take advantage of growth opportunities in the bursting economy,” said Kerrigan.

The executive order directs the U.S. Departments of Labor and Treasury to examine ways to allow Multiple Employer Plans (MEPs) for 401(k) type retirement plans. Similar to actions taken by the Trump Administration to improve affordability and choice in health coverage through Association Health Plans (AHP’s), the directive will help leverage the power of small business pooling to negotiate lower cost 401(k) type plans. According to Kerrigan, Association Retirement Plans (ARPs) are a common sense strategy that takes advantage of organizations and associations that exist to help their small business members.

CONTACT:  Karen Kerrigan, kkerrigan@sbecouncil.org 

SBE Council is a nonpartisan, nonprofit advocacy, research and education organization that works to protect small business and promote entrepreneurship. For nearly 25 years SBE Council has worked to successfully implement a range of policy and private sector initiatives to strengthen the ecosystem for startups and small business growth. To learn more, visit SBE Council’s website: www.sbecouncil.org. Follow on Twitter: @SBECouncil

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