The Threat to Small Business Retirement Savings

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In most cases, advisors to small businesses would stop servicing these clients because of increased complexity, costs, and liability. Consequences Small business owners of theseemployees will rules: and their Small business owners lose access to retirement and their employees will saving options. lose access to retirement saving options. Advisors to small business retirement plans with less than 100 participants or $100 million in assets would face additional hurdles and compliance requirements. The Department of Labor is considering new rules expanding the definition of fiduciary investment advice that would impact all businesses and plans. Complex regulation = Higher costs THE THREAT TO SMALL BUSINESS RETIREMENT SAVINGS Small businesses produce about 63% of new private-sector jobs annually and account for 99% of U.S. employers. Affordable financial advice will be harder to find for small plans. For current small business employees, services will likely decrease or costs will increase. SHOP Small businesses often offer simplified retirement plans, like SEP or SIMPLE IRAs, for employees to save for retirement. SEP and SIMPLE IRAs from small businesses provide $472bn in retirement savings for more than 9 million households. The proposed regulations risk hurting the small businesses and workers they are intended to protect. COFFEE To learn more and take action Visit Retirement Action

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