However there isn't a timeline for it, yet.]What are you doing now to help small employers?
I'm working on a consulting business to help small employers determine which type of plan is best and then to implement it. They are all IRA-based and, therefore, they don't have the complexity of a 401(k).
“As an HR leader and consultant with 30 years of experience working with numerous 401k providers, this is, by far, the easiest 401k plan I've ever administered with the best customer service. ”Our competitors provide investment choices in which they may have a vested interest. Ubiquity gives you investment flexibility if you want it, guidance if you need it.
This investment strategy, combined with our very low flat fees, provides the opportunity for greater savings over the long term. We provide electronic participant statements; tax filing and plan document preparation; participant disclosures; annual plan notifications; IRS testing and monitoring; and eligibility notices.
They aren't aware there are, in fact, better alternatives available to them. It is not easy for them to find out what is available. There are 11 states that have already implemented or are implementing state payroll deduction IRA [individual retirement account] programs.
Oregon pioneered this, adopting their plan two years ago, and other states are following its model.
Don't make these retirement plan mistakes What you'll need in retirement savings by age 30, 40, 50What is the federal government doing about it? First, there is the Secure Act, which already passed the House and is pending in the Senate.
It provides a number of ways of encouraging small employers to offer plans.
In fact, 36% of private-sector workers did not have access to a defined contribution plan, such as a 401(k), as of March 2018, according to the latest Bureau of Labor Statistics' data.
Benna, who has authored five books including "401(k) for Dummies," spoke with CNBC about saving for retirement and how small businesses can help. The myth is that I uncovered a hidden paragraph buried in the Internal Revenue Code, but that isn't correct.